Why it matters
The strategic read
Separates the Dell hardware procurement layer from IREN’s customer contracts. This is the supply-chain commitment that expands IREN toward a 150,000-GPU fleet and turns B300 server availability, Dell integration, payment timing, and H2 2026 delivery execution into explicit bottlenecks for IREN’s AI cloud ramp.
Source-supported terms
What was disclosed
- 01
IREN announced purchase agreements for more than 50,000 NVIDIA B300 GPUs to expand its total fleet to 150,000 GPUs.
- 02
IE CA Leasing Ltd., a wholly owned IREN subsidiary, entered purchase documentation with Dell Canada for GPUs and ancillary products and services.
- 03
The Dell Canada purchase agreement carries an aggregate purchase price of approximately $2.3B.
- 04
IE US Hardware 4 Inc., an indirect wholly owned IREN subsidiary, entered purchase documentation with Dell Marketing L.P. for GPUs and ancillary products and services.
- 05
The Dell USA purchase agreement carries an aggregate purchase price of approximately $1.2B.
- 06
Deliveries are scheduled in phases during the second half of calendar 2026, with payments generally due within 30 days of each tranche shipping.
- 07
IREN unconditionally guaranteed the obligations of the purchasing subsidiaries under the Dell purchase agreements.
Disclosure boundary
What is known—and what is not
Material definitive agreements disclosed in IREN 8-K and later 10-Q summary; full commercial schedules, unit pricing, delivery-by-site allocation, GPU configuration, financing terms, customer allocation and Dell margin profile are not fully public.