IREN signs $1.6B Dell deal for Nvidia Blackwell GPUs

IREN ↗3.18% signed a $1.6 billion agreement with Dell ↘2.34% for Nvidia ↗2.95% Blackwell GPU systems to support a $3.4 billion AI cloud contract.stocktitan
The systems will be deployed at IREN’s Childress, Texas data center, with commissioning targeted for early 2027 and a revenue target of $4.4 billion in annualized run rate.businessinsider
The deal adds to over $10 billion in Dell hardware agreements IREN has signed since November 2025, backed by a landmark $9.7 billion Microsoft ↗0.13% cloud contract.stocktitan

IREN Buys $1.6 Billion in Nvidia Blackwell Systems From Dell to Power AI Cloud Expansion

IREN Limited announced Tuesday it has entered into a $1.6 billion purchase agreement with Dell Technologies for Nvidia air-cooled Blackwell GPU systems, a deal designed to support the company’s previously announced five-year, $3.4 billion managed services AI cloud contract.stocktitan

The agreement, disclosed in an 8-K filing with the Securities and Exchange Commission, covers GPUs, servers, storage, networking, ancillary equipment, integration services, and warranties, with payments structured on a post-shipment basis — due within 30 days of each delivery tranche.usnews

Deployment and Revenue Targets

The Blackwell systems will be deployed at IREN’s data center campus in Childress, Texas, with commissioning targeted for early 2027. Once operational, the new capacity is expected to lift the company’s annualized run-rate revenue from $3.7 billion to $4.4 billion.businessinsider

That $4.4 billion target is composed of approximately $1.9 billion in expected average annual revenue from a Microsoft contract, $700 million from the $3.4 billion AI cloud contract, and an estimated $1.8 billion from planned GPU deployments at facilities in British Columbia and Childress.stocktitan

Rapid Infrastructure Buildout

The purchase marks IREN’s latest move in a rapid infrastructure expansion. In November 2025, the Australia-based company secured a $9.7 billion AI cloud contract with Microsoft to provide access to Nvidia GB300 GPUs over five years, alongside an initial $5.8 billion Dell equipment order. In March 2026, IREN signed an additional $3.5 billion in Dell agreements for over 50,000 Nvidia B300 GPUs, expanding its fleet to 150,000 units.stocktitan

IREN said it is advancing GPU financing consistent with its prior hardware deployments and has unconditionally guaranteed its subsidiary’s obligations under the new Dell agreement. The company has stated it secured $9.3 billion in funding over the past eight months through customer prepayments, convertible notes, GPU leasing, GPU financing, and an at-the-market equity program.stocktitan