Bitcoin Miner IREN Secures $9.7 Billion Contract with Microsoft

IREN signs $9.7bn GPU cloud services deal with Microsoft.

Mining firm IREN has inked a contract with Microsoft to provide cloud services based on graphics processing units (GPU). The total value of the five-year agreement is approximately $9.7 billion.

$IREN is pleased to announce the signing of a $9.7bn AI Cloud contract with @Microsoft

Key details of the transaction:

— $9.7bn AI Cloud contract value
— 5-year average term
— 20% prepayment
— 200MW (IT load) data centers
— NVIDIA GB300 GPU deployments

Refer to the press… pic.twitter.com/SEY489QRG4

— IREN (@IREN_Ltd) November 3, 2025

Under the terms of the deal, IREN will provide Microsoft with access to the latest NVIDIA GB300 processors. The tech giant will make a prepayment of 20% of the contract’s value.

To fulfill its obligations, the mining company will purchase equipment, including GPUs, from Dell Technologies for approximately $5.8 billion.

The deployment of capacities will be phased until 2026 at IREN’s data center in Texas. The new liquid-cooled data centers will support an IT load of 200 MW.

The miner will finance the purchase through its own funds, the prepayment from Microsoft, operational revenues, and additional financing.

IREN representatives described the deal as a key partnership, affirming the scalability of their cloud AI platform and granting access to the global hyperscalers segment.

Microsoft highlighted IREN’s expertise in creating and managing integrated AI infrastructure—from data centers to the GPU stack. The company called IREN a strategic partner.

Amidst this, IREN’s shares surged nearly 30% in pre-market trading. At the time of writing, they are trading at $60.75, marking a ~614% increase since the start of the year.

In September, Bernstein analysts predicted that IREN’s AI division would generate $500 million in annual revenue by early 2026. They set a target price of $75 per share, which has already been reached.

Earlier, at the end of the third quarter, mining company Riot Platforms’ net profit reached $104.5 million with a record total revenue of $180.2 million.