IREN Signs $1.6 Billion Agreement with Dell for Blackwell AI Infrastructure

The $1.6 billion transaction with Dell includes GPUs, servers, storage, networking, and ancillary equipment, as well as integration services and warranties. Payment terms for the agreement are structured on a post-shipment basis, and IREN is currently advancing GPU financing in connection with the purchase.

The Blackwell systems will be deployed within existing data centers at IREN's Childress, Texas campus. Commissioning for the new hardware is targeted for early 2027. Upon commissioning, the company expects its annualized run-rate revenue (ARR) to increase from $3.7 billion to $4.4 billion.

This agreement follows IREN's May 7 announcement of a $3.4 billion managed services AI cloud contract. The company has stated that its operational model involves controlling the full stack of infrastructure, including the physical data center facilities and the compute layers.

The hardware acquisition is part of a broader capital expansion for the firm. On May 15, 2026, IREN closed a $3 billion convertible senior notes offering to fund its AI infrastructure buildout. This followed a $2 billion offering announced earlier in the month which saw a 9% decline in share price at the time of unveiling.

IREN reported a net loss of $247.8 million for the third quarter of fiscal year 2026. The company is currently transitioning its business model from bitcoin mining toward energy-backed compute infrastructure and high-performance computing (HPC) services.