IREN Shares Surge 20% Pre-Market on $9.7 Billion Microsoft AI Cloud Deal
Shares of IREN jumped more than 20% in pre-market trading on Monday after the company announced a multi-year GPU cloud services contract with Microsoft valued at approximately $9.7 billion.
IREN said in a release that under the five-year agreement, it will provide Microsoft with access to NVIDIA GB300 GPUs, positioning it as one of the latest entrants into the high-performance computing (HPC) supply chain for hyperscale AI workloads. Microsoft will prepay 20% of the contract value, while IREN plans to source GPUs and related equipment from Dell Technologies in a separate $5.8 billion deal.
The GPUs will be deployed in phases through 2026 at IREN’s 750-megawatt Childress, Texas, campus, which is being developed into a liquid-cooled AI data center complex supporting 200 MW of critical IT load.
IREN said it will finance the capital expenditures through a mix of cash reserves, customer prepayments, operating cash flow, and additional financing initiatives.
“This milestone partnership with Microsoft highlights the strength and scalability of our vertically integrated AI cloud platform,” said Daniel Roberts, IREN’s co-founder and co-CEO.
Jonathan Tinter, Microsoft’s president of business development and ventures, said the collaboration will help deliver “cutting-edge AI infrastructure” to customers, citing IREN’s power capacity and vertically integrated data center operations as strategic advantages.
The deal marks a milestone in IREN’s ongoing expansion beyond bitcoin mining to AI infrastructure. Meanwhile, IREN remains one of the top three public bitcoin mining companies by realized hashrate.
IREN’s shares are trading at $73 in pre-market hours on Monday as of publishing, up from Friday’s close of $60.75
