Microsoft: The AI Deal Record

Microsoft (Provider) · Anthropic (Buyer)

Value

at least $30B

Capacity / term

n/a

First revenue

not disclosed

Sources

[1] primary[2] primary[3] tier-1

Anthropic committed to purchase at least $30B of Azure compute capacity as part of a three-way alliance with Microsoft and Nvidia. Circular: the compute provider (Microsoft, up to $5B) and the chip supplier (Nvidia, up to $10B) simultaneously agreed to invest in the buyer; see msft-nvda-anthropic-investment-2025-11.

Conditions: Announced alongside an option to contract additional compute capacity of up to 1 GW on Nvidia Grace Blackwell and Vera Rubin systems.

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Microsoft (Financier) · Nvidia (Financier) · Anthropic (Buyer)

Value

up to $15B

Capacity / term

n/a

First revenue

not disclosed

Sources

[1] primary[2] primary[3] tier-1

Compute-linked equity: Microsoft (up to $5B) and Nvidia (up to $10B) investing in Anthropic alongside Anthropic's $30B-plus Azure purchase commitment (anthropic-azure-commitment-2025-11). The investments reportedly lifted Anthropic's valuation to around $350B. Circular by definition: suppliers funding their own customer.

Conditions: Combined figure: Microsoft up to $5B and Nvidia up to $10B, staged investments announced as part of the Azure compute alliance.

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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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Nebius (Provider) · Microsoft (Buyer)

Value

approximately $17.4B

$19.4B with all options

Capacity / term

n/a · 5y

First revenue

2025

Sources

[1] primary[2] tier-1[3] other

Five-year agreement for Nebius to provide Microsoft dedicated GPU infrastructure capacity at its Vineland, New Jersey site: about $17.4B through 2031, expandable to about $19.4B. Nebius shares jumped roughly 60% on the disclosure. Part of Microsoft's pattern of leasing third-party capacity (see also iren-microsoft-gb300-2025-11) rather than waiting on its own buildout.

Conditions: Total contract value subject to deployment and availability of the GPU services, delivered in tranches during 2025 and 2026 from the Vineland, New Jersey data center. Microsoft may acquire additional services and capacity, lifting the total to about $19.4B.