Bitcoin mining company IREN (IREN) has signed a five-year, $9.7 billion GPU cloud services contract with Microsoft, providing access to Nvidia GB300 GPUs hosted in IREN's data centers. Microsoft made a 20% prepayment as part of the agreement, which will be deployed through 2026 at IREN's 750MW Childress, Texas campus, supporting 200MW of critical IT load.
In a related move, IREN entered a $5.8 billion purchase agreement with Dell Technologies for GPUs and equipment, funding capital expenditures through cash reserves, prepayments, and financing. The deal reinforces IREN's shift into AI cloud services, initiated in early 2024, while it remains a major Bitcoin miner by hashrate.
IREN's stock surged over 21% pre-market on November 1, 2025, with a year-to-date return of 518.64%. Co-CEO Daniel Roberts called it a "milestone partnership", and Microsoft's Jonathan Tinter highlighted IREN's strategic role in AI infrastructure. This reflects a broader industry trend, with miners like HIVE Digital, MARA Holdings, Riot Platforms, and TeraWulf pivoting to AI to diversify revenue amid competitive pressures.
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