IREN Secures $9.7 Billion AI Contract with Microsoft

IREN Limited announced a $9.70 billion AI cloud computing contract with Microsoft, deploying NVIDIA GB300 GPUs at its Texas campus.

This partnership marks a major move towards AI cloud services, boosting IREN’s diversification and impacting the cryptocurrency and tech sectors.

IREN and Microsoft Sign $9.7 Billion AI Partnership

IREN, a prominent bitcoin mining firm and AI cloud infrastructure company, has secured a $9.7 billion contract with Microsoft. This five-year partnership involves the deployment of NVIDIA GB300 GPUs, making it a significant shift for IREN towards diversified cloud services.

The agreement earmarks a 20% prepayment and utilizes Dell Technologies to supply necessary equipment at IREN’s Texas site. This move represents a strategic foray into AI infrastructure, diversifying IREN’s revenue beyond traditional mining operations.

“We’re proud to announce this milestone partnership with Microsoft, highlighting the strength and scalability of our vertically integrated AI Cloud platform. This agreement not only validates IREN’s position as a trusted provider of AI Cloud services, but also opens access to a new customer segment among global hyperscalers.” — Daniel Roberts, Co-Founder & Co-CEO, IREN

Microsoft Collaboration Signals Shift Away from Bitcoin Mining

Did you know? The IREN-Microsoft deal is among the largest transitions from Bitcoin mining to AI cloud services, marking a growing trend among public miners seeking diversified revenue streams.

Bitcoin (BTC) is currently priced at $107,793.72, with a market cap of $2.15 trillion and a 59.70% market dominance, as reported by CoinMarketCap. BTC’s 24-hour trading volume is $46.11 billion, reflecting a decrease of 2.98% over the last day.

Coincu research anticipates this partnership to create new financial and technological opportunities, leveraging AI capabilities and broadening client bases. The integration of NVIDIA’s GPUs and Microsoft collaboration signals increased AI demand, which could catalyze further investments in similar infrastructure projects.