BTC miner IREN lands $9.7B Microsoft deal, accelerating industry pivot to GPUs
IREN’s Microsoft partnership underscores how Bitcoin miners are reinventing themselves as AI infrastructure providers amid tightening margins.
Bitcoin mining company IREN (IREN) has signed a multi-year GPU cloud services contract with Microsoft, highlighting the growing integration between traditional mining infrastructure and the expanding demands of Big Tech for AI computing power.
The five-year agreement, valued at $9.7 billion, will provide Microsoft with access to Nvidia GB300 GPUs hosted within IREN’s data centers.
In a related move, IREN also announced a $5.8 billion deal with Dell Technologies to acquire GPUs and related equipment. The company plans to fund its capital expenditures through a combination of cash reserves, customer prepayments, operational cash flow, and additional financing.