IREN Strikes GPU Deal with Microsoft, Stock Surges

Australia-based AI infrastructure firm IREN saw its stock price surge after signing a $3.65 billion GPU financing deal with Microsoft.

IREN also entered into AI infrastructure agreements with Dell Technologies and Nvidia worth approximately $1.6 billion.

These agreements support IREN's roadmap to expand its AI cloud capacity to approximately 480 megawatts (MW) by the end of 2026.

Through this series of deals, IREN is transitioning from its origins as a Bitcoin mining company to become a key provider of AI computing power.