IREN Limited (IREN) shares jumped over 5% after the company announced a landmark $1.6 billion agreement to purchase Nvidia Blackwell AI systems through Dell. The deal marks a major pivot from the firm’s Bitcoin mining roots toward large-scale AI cloud infrastructure, boosting investor confidence and lifting the stock to near $62. Nvidia also holds an option to invest up to $2.1 billion in IREN over a five-year window, signaling deep strategic alignment.
The purchase is part of IREN’s previously announced five-year, $3.4 billion cloud AI services contract with Dell. The new hardware order covers not only GPUs but also servers, storage, networking, integration services, and long-term warranties. The systems will be deployed at the company’s Childress, Texas campus — a 576-acre site with 750 megawatts of secured power capacity, of which 60 megawatts are dedicated exclusively to Nvidia workloads.
Once the new Blackwell systems are fully operational by early 2027, IREN expects its annualized revenue run rate to climb from $3.7 billion to approximately $4.4 billion. The accelerated timeline and the option for Nvidia to acquire up to 30 million IREN shares at $70 each have further strengthened market sentiment. The move underscores IREN’s aggressive transformation from crypto mining to a full-stack AI compute provider, leveraging its existing data center footprint and power assets to capture hyperscale AI demand.
