Microsoft Signs $9.7 Billion Cloud Contract
Data center owner and operator IREN ( IREN-Q +4.35% Increase ) said on Monday that it has signed a cloud services contract with Microsoft ( MSFT-Q -1.51% Decrease
Microsoft Signs $9.7 Billion Cloud Contract with IREN for Nvidia Chips
Data center owner and operator IREN (
IREN-Q +4.35% Increase
) said on Monday that it has signed a cloud services contract with Microsoft (
MSFT-Q -1.51% Decrease
) worth approximately $9.7 billion, giving the tech giant access to Nvidia's GB300 processors over a five-year period.
The move is Microsoft's latest effort to boost AI and data center infrastructure at a time when AI demand is outpacing the cloud capacity of large tech companies.
Following the announcement, IREN shares rose nearly 18 percent in pre-market trading, and the company also reached an agreement with Dell Technologies to purchase chips and peripherals for approximately $5.8 billion.
IREN expects to deploy the GB300 processor in a phased manner at its 750-megawatt campus in Childress, Texas, by 2026 and said its contract with Microsoft includes a 20 percent prepayment.
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