Microsoft has formally accepted the first phase of IREN Limited’s AI cloud deployment contract, marking a major milestone in the company’s pivot from Bitcoin mining to AI infrastructure. The five-year contract, worth approximately $9.7 billion, covers a data center in Childress, Texas, with an initial 50 MW capacity by Q4 2025 and a full buildout of 200 MW by end of 2026. At full scale, the arrangement is projected to generate roughly $1.94 billion in annual recurring revenue. Microsoft provided a 20% upfront payment, while IREN secured a $5.8 billion purchase agreement with Dell Technologies for infrastructure hosting NVIDIA GB300 GPUs in liquid-cooled data centers. IREN shares surged 30% following the original contract announcement.
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