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IREN Limited (NASDAQ:IREN) shares are trading higher on Wednesday after the company recently signed a $9.7 billion AI cloud services agreement with Microsoft to deploy NVIDIA GB300 GPUs across its 750 MW Texas campus.
• IREN is poised for a potential breakout. Check the market position here.
What To Know: IREN announced it entered into a multi-year GPU cloud services contract with Microsoft, providing access to NVIDIA GB300 GPUs over a five-year term. The agreement carries a total contract value of approximately $9.7 billion, including a 20% prepayment.
The company also signed an agreement with Dell Technologies to purchase GPUs and related equipment for about $5.8 billion. The GPUs will be deployed in phases through 2026 in conjunction with the delivery of new liquid-cooled data centers supporting 200MW of critical IT load.
IREN plans to fund the capital expenditures through existing cash, customer prepayments, operating cash flows and additional financing initiatives.
Co-founder and Co-CEO Daniel Roberts said the partnership "highlights the strength and scalability of our vertically integrated AI Cloud platform" and expands IREN's reach among global hyperscalers.
Microsoft President of Business Development and Ventures Jonathan Tinter said the collaboration "unlocks new growth opportunities for both companies and the customers we serve."
IREN Price Action: At the time of writing, IREN shares closed Wednesday 14.68% higher at $76.41, according to data from Benzinga Pro.
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