IREN (IREN) secured a significant AI cloud services contract with Microsoft valued at ~$9.7 billion, spanning over five years. The contract involves providing Microsoft (MSFT) access to NVIDIA GB300 GPUs over a five-year term, with a total contract value of ~$9.7B, including a 20% prepayment.
These GPUs will be deployed in phases starting in 2026 at IREN’s 750MW campus in Childress, Texas. The deployment includes new liquid-cooled data centers supporting 200MW of critical IT load.
The company plans to finance the capital expenditures for this project through a combination of existing cash, customer prepayments, operating cash flows, and additional financing initiatives.
The stock price jumped 18% to $71.5 on Monday during pre-market hours of trading.