Overview
- IREN’s five-year agreement will provide Microsoft access to Nvidia GB300 GPU capacity, with roughly 20% of the contract value paid upfront and a clause allowing Microsoft to exit if delivery milestones are missed.
- Deployment is planned in phases at IREN’s 750 MW Childress, Texas campus, where four new liquid‑cooled data centers are slated to support about 200 MW of critical IT load by 2026.
- IREN also signed a $5.8 billion Dell Technologies procurement for GPUs and related infrastructure, to be funded through cash on hand, customer prepayments, operating cash flow and additional financing.
- The announcement sent IREN shares to record levels as Cantor Fitzgerald lifted its price target to $142 and Bernstein to $125, even as HC Wainwright downgraded the stock to Sell with a $45 target.
- Skeptics, including short seller Jim Chanos, argue the economics look thin and could pressure EPS and the balance sheet, while IREN points to nearly 3 GW of power access and its pivot from bitcoin mining to AI infrastructure.