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Home/Deal Room/IREN signs $9.7B Microsoft GPU cloud contract

Cloud capacity · Evidence brief

IREN signs $9.7B Microsoft GPU cloud contract

IREN + Microsoft + Dell

Primary sourcePress release only2025-11-03
Deal structureGPU cloud services contract / equipment purchase
GeographyChildress, Texas
Infrastructure layersCloud + GPUs + data centers
Disclosed scale$9.7B five-year Microsoft contract; Dell equipment purchase around $5.8B; Childress, Texas deployment

Why it matters

The strategic read

A power-rich bitcoin/AI infrastructure operator became a named Microsoft GPU-cloud supplier, with GB300 demand, Dell procurement, and Texas critical-load expansion all visible in one deal.

Source-supported terms

What was disclosed

  1. 01

    IREN disclosed a multi-year GPU cloud services contract giving Microsoft access to NVIDIA GB300 GPUs over five years.

  2. 02

    Total contract value was disclosed at approximately $9.7B, including a 20% prepayment.

  3. 03

    IREN also entered a Dell equipment purchase agreement around $5.8B to support phased deployment.

Disclosure boundary

What is known—and what is not

Signed services contract announced publicly; full customer and equipment agreements not fully public.