Overview
- Azure will tap Nvidia GB300 GPUs hosted by IREN at its 750‑MW Childress, Texas campus, with deployments phased through 2026 and about 200 MW dedicated to Microsoft.
- Microsoft prepaid roughly 20% of the deal, near $1.9 billion, as IREN committed about $5.8 billion to procure Nvidia hardware and related equipment from Dell.
- The contract includes a provision that allows Microsoft to exit if delivery milestones are not met.
- IREN shares hit record levels following the announcement as analysts lifted targets, including Cantor Fitzgerald to $142, Bernstein to $125, and Roth to $94.
- The agreement reflects a broader shift to multi‑year capacity deals with neocloud providers, alongside Microsoft’s separate arrangements with Nebius and Lambda to expand GPU access.