Data centre owner and operator IREN (IREN-Q) said on Monday it has signed a nearly US$9.7-billion cloud services contract with Microsoft (MSFT-Q) to provide the tech giant with access to Nvidia’s GB300 processors over a five-year period.
The move is the latest attempt by Microsoft to boost AI and data centre infrastructure at a time when AI demand is outstripping cloud capacity at Big Tech companies.
Shares of IREN surged about 18 per cent in premarket trading after the announcement, with the company also entering into an agreement with Dell Technologies to purchase the chips and ancillary equipment for about US$5.8-billion.
IREN expects the GB300 processors to be deployed in phases through 2026 at its 750-megawatt campus in Childress, Texas and said its contract with Microsoft includes a 20 per cent prepayment.
