IREN: The AI Deal Record

IREN (Provider) · Various AI developers (Buyer)

Value

$2.8B

Capacity / term

n/a

First revenue

not disclosed

Sources

[1] primary[2] primary[3] other

Batch of new multi-year AI cloud contracts totaling $2.8B TCV with leading AI developers, including one new unnamed customer. Disclosed customer roster spans Microsoft, Nvidia, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI and Hume AI. Announced alongside a raised 2026 AI Cloud ARR target of over $4B (~85% under contract), with customer prepayments covering roughly 45% of related GPU capex. Term lengths per contract not broken out.

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IREN (Provider) · Nvidia (Buyer)

Value

$3.4B

Capacity / term

60 MW · 5y

$11.33M per MW-year

First revenue

not disclosed

Sources

[1] primary[2] tier-1

Backfilled 2026-09-18 during the weekly ledger review: found while checking whether a Sept 2026 IREN reference was new. This May 2026 contract predates and is distinct from iren-ai-cloud-contracts-2026-07 (a separate $2.8B, later, various-ai-developers row) and the Nov 2025 Dell/Microsoft rows; not an expansion of any of them (different counterparty, different site). Arithmetic check: $3.4B / 5yr / 60MW = ~$11.3M/MW/yr, inside the ledger's $200k-$20M sanity band and consistent with other full-stack managed-cloud rows.

Conditions: Five-year managed AI cloud services agreement at IREN's Childress, Texas campus (~60MW), with Nvidia itself as the direct customer, using the capacity for its own internal AI and research workloads. Includes cluster orchestration and management software built with Mirantis. Flagged circular: Nvidia is both IREN's GPU supplier and, via this contract, a buyer of IREN's compute capacity.

Dell (Provider) · IREN (Buyer)

Value

$5.8B

Capacity / term

n/a

First revenue

2026-03

Sources

[1] primary[2] other[3] other

The supply side of IREN's Microsoft contract: a $5.8B purchase agreement with Dell Marketing L.P. for GPUs and ancillary equipment to build out the Childress GB300 capacity, disclosed alongside iren-microsoft-gb300-2025-11. Recorded as its own row because it is a distinct binding commitment with a different counterparty; the demand-side and supply-side dollars are never netted or combined.

Conditions: Deliveries scheduled in tranches from March 2026.

IREN (Provider) · Microsoft (Buyer)

Value

approximately $9.7B

Capacity / term

200 MW · 5y

$9.70M per MW-year

First revenue

2026

Sources

[1] primary[2] other[3] other

IREN's anchor contract: five-year, ~$9.7B GPU cloud agreement giving Microsoft access to Nvidia GB300 capacity at Childress, Texas. Predates and is separate from the July 2026 $2.8B contract batch (iren-ai-cloud-contracts-2026-07), which is why Microsoft appears in that row's customer roster. Funded in part by the $5.8B Dell GPU purchase disclosed the same day (iren-dell-gpu-purchase-2025-11).

Conditions: Includes a 20% prepayment. Capacity delivered in tranches during 2026 across four Horizon data centers at Childress, Texas (~200 MW IT load), with contract value running through 2031.

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