Australia’s IREN Limited has announced a landmark $9.7 billion AI cloud contract with Microsoft, marking one of the largest GPU cloud service deals in recent years. The five-year agreement will see IREN provide Microsoft with access to NVIDIA GB300 GPUs, positioning the company as a key player in the growing global race for artificial intelligence infrastructure.
Under the deal, IREN will supply the GPUs through phased deployment at its massive 750MW campus in Childress, Texas, where new liquid-cooled data centers will deliver up to 200MW of critical IT load. The company has also secured an agreement with Dell Technologies to purchase the GPUs and related equipment for about $5.8 billion, ensuring a seamless rollout through 2026.
The partnership underscores the increasing demand for high-performance computing power as tech giants intensify AI development efforts. Microsoft’s 20% prepayment on the contract reflects its confidence in IREN’s vertically integrated AI cloud platform and the strategic importance of access to next-generation GPUs.
Daniel Roberts, Co-Founder and Co-CEO of IREN, described the agreement as a major milestone for the firm’s AI ambitions. “We’re proud to announce this milestone partnership with Microsoft, highlighting the strength and scalability of our vertically integrated AI Cloud platform,” Roberts said. “It marks another major step forward for IREN as we continue to expand large-scale GPU deployments across our 3GW secured power portfolio in North America.”
Jonathan Tinter, President of Business Development and Ventures at Microsoft, said the collaboration enhances the company’s AI infrastructure capabilities. “Together with IREN, Microsoft is delivering cutting-edge AI infrastructure for our customers,” he noted, emphasizing IREN’s expertise and secured power capacity as key advantages for future growth.
IREN plans to finance the capital investments using existing cash, customer prepayments, operational cashflows, and additional financing options. The deal strengthens IREN’s position among hyperscalers and cements its reputation as a leading AI cloud service provider operating in renewable-rich regions across the U.S. and Canada.
