Bitcoin mining company IREN has signed a five-year, $9.7 billion contract with Microsoft to provide GPU-based cloud services, according to an official announcement. The deal will allow Microsoft to access Nvidia GB300 units hosted in IREN’s data centers.
In parallel, IREN announced a $5.8 billion agreement with Dell Technologies for the acquisition of GPU equipment and related infrastructure. The company plans to finance these investments through a mix of cash reserves, customer prepayments, and external funding.
Previously focused on Bitcoin mining, IREN began a major expansion into artificial intelligence infrastructure in 2024, becoming a key provider of AI cloud services.
IREN shares surged following the Microsoft partnership announcement, reflecting growing investor confidence in the company’s strategic direction.