Overview
- IREN agreed to buy about $1.6 billion of air-cooled Nvidia Blackwell systems from Dell to service a five-year, roughly $3.4 billion managed AI cloud contract, a transaction companies disclosed in late May.
- The systems will be deployed across IREN’s Childress, Texas campus inside roughly 60 megawatts of existing capacity with commissioning targeted for early 2027.
- The $1.6 billion package covers GPUs, servers, storage, networking, integration services and warranties with payments structured after shipment and IREN is advancing dedicated GPU financing for the order.
- IREN projects the deal will lift its annualized run-rate revenue from $3.7 billion to $4.4 billion once commissioned, but the company says that target rests on internal assumptions about GPU models, utilization, pricing and timely delivery and is not fully contracted.
- Investors reacted positively with a multi-percent share rise and analysts note the move builds on IREN’s pivot from renewable-powered bitcoin mining to AI infrastructure anchored by earlier multi-year deals such as the Microsoft agreement disclosed in November 2025.