06:34 AM EST, 11/03/2025 (MT Newswires) -- Iren ( IREN ) said Monday it has signed a five-year GPU cloud services contract with Microsoft ( MSFT ) valued at about $9.7 billion, including a 20% prepayment.

Under the deal, the company said it will provide Microsoft ( MSFT ) with access to NVIDIA GB300 GPUs.

The company said it also entered into a $5.8 billion agreement with Dell Technologies ( DELL ) to purchase GPUs and related equipment.

The hardware will be deployed in phases through 2026 at Iren's ( IREN ) 750MW Childress, Texas campus, featuring new liquid-cooled data centers supporting 200MW of critical IT load, the company said.

Iren ( IREN ) said it plans to fund the project through existing cash, customer prepayments, operating cash flows, and additional financing initiatives.

Shares of Iren ( IREN ) were up nearly 20% in Monday's premarket activity.