IREN Announces $1.6B Purchase Agreement with Dell for AI Cloud GPUs

IREN Limited announced its subsidiary entered into a purchase agreement with Dell Marketing L.P. for approximately $1.6 billion worth of GPUs and ancillary equipment. The hardware, which includes air-cooled Blackwell systems, will be deployed to service the company's previously announced five-year, $3.4 billion managed services AI cloud contract.

Key Details

• Agreement Value: The total purchase price is approximately $1.6 billion, payable in installments within 30 days of each tranche shipment.
• Deployment & Timeline: The GPUs will be deployed at IREN's Childress, Texas campus, with commissioning targeted for early 2027.
• Financial Impact: Upon commissioning, this deployment is expected to help increase IREN's annualized run-rate revenue (ARR) to a target of $4.4 billion.