IREN Signs $9.7 Billion AI Cloud Agreement with Microsoft

IREN ($IREN) surged this morning following news of a $9.7 billion, five-year deal with Microsoft (MSFT) to supply AI cloud capacity powered by Nvidia Blackwell GPUs.
The GPUs will be deployed at IREN’s Texas data center campus, marking another milestone in the company’s transition from a Bitcoin miner to an AI infrastructure powerhouse.

Key Deal Highlights

Total Contract Value: $9.7 billion
Duration: 5 years
Client: Microsoft (MSFT)
GPU Supplier: Dell (DELL)
Hardware Value: $5.8 billion (for GPUs and supporting equipment)
Deployment: Phased rollout through 2026
Prepayment: 20% upfront from Microsoft

IREN noted that this agreement represents about 10% of its total capacity and reinforces its position as a leading AI Cloud Service Provider across North America.

Executive Commentary

Co-founder and Co-CEO Daniel 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.”

He emphasized that secured power access is a key differentiator in scaling AI data centers efficiently.

Microsoft’s Perspective

Microsoft executives highlighted the importance of IREN’s infrastructure to meet growing AI demands.

Satya Nadella, Microsoft CEO, recently said:

“The bottleneck for AI isn’t chips — it’s the ability to get builds done fast enough close to power.”
Jonathan Tinter, Microsoft’s President of Business Development and Ventures, added:

“IREN’s expertise in building and operating a fully integrated AI cloud — from data centers to GPU stack — combined with their secured power capacity makes them a strategic partner.”

Industry Significance

This partnership illustrates the increasing convergence between traditional Bitcoin miners and AI infrastructure providers, as both sectors rely heavily on scalable compute power and energy availability.
IREN’s combination of low-cost energy, secured power, and AI-focused expansion positions it as a critical player in the evolving AI compute supply chain.