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IREN expands AI operations through $9.7B deal with Microsoft

Bitcoin mining company IREN has signed a five-year, $9.7 billion contract with Microsoft to provide GPU-based cloud services, according to an official announcement. The deal will allow Microsoft to access Nvidia GB300 units hosted in IREN’s data centers.

In parallel, IREN announced a $5.8 billion agreement with Dell Technologies for the acquisition of GPU equipment and related infrastructure. The company plans to finance these investments through a mix of cash reserves, customer prepayments, and external funding.

Previously focused on Bitcoin mining, IREN began a major expansion into artificial intelligence infrastructure in 2024, becoming a key provider of AI cloud services.

IREN shares surged following the Microsoft partnership announcement, reflecting growing investor confidence in the company’s strategic direction.

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