Overview
- Under the contract, Microsoft gains access to Nvidia GB300-based GPU capacity from IREN over five years, with a 20% prepayment included.
- IREN signed a separate approximately $5.8 billion procurement with Dell to supply the GPUs and related equipment for the deployment.
- The hardware will be installed in phases through 2026 at IREN’s 750MW Childress, Texas campus, with new liquid-cooled data centers designed for about 200MW of critical IT load.
- IREN said the prepayment will help finance the Dell purchase and that capital needs will be funded through existing cash, customer prepayments, operating cash flows and additional financing.
- The contract carries delivery-timeline risk that could trigger termination, while shares of IREN jumped more than 20% as investors viewed the deal as a response to Microsoft’s ongoing capacity constraints into at least mid-2026.