Core Insights - IREN Ltd. has secured a significant five-year contract worth $9.7 billion with Microsoft to provide advanced AI cloud infrastructure, marking a strategic shift towards hyperscale AI workloads [1][4] - The company will supply Microsoft with large-scale AI compute capacity utilizing NVIDIA's latest GPUs at its Texas campus, which includes new liquid-cooled data-center capacity [2] - IREN has also entered a $5.8 billion hardware procurement agreement with Dell Technologies to support the Microsoft contract [3] Financial Impact - The Microsoft deal is expected to enhance IREN's revenue, with projections of over $500 million in annual recurring revenue (ARR) once the full deployment of 23,000 GPUs is operational by early 2026 [5] - Prior to this contract, IREN had already secured multi-year AI cloud contracts covering around 11,000 GPUs, generating an estimated $225 million in ARR expected by late 2025 [5] Market Reaction - Following the announcement, IREN's stock surged over 20%, indicating strong market confidence in the company's new direction and its role as a credible hyperscale infrastructure provider [4][8] - Analysts have described the partnership with Microsoft as a "game-changing" moment for IREN, elevating its status in the industry [4][8] Operational Considerations - The success of the Microsoft contract is contingent on IREN's ability to meet strict deployment milestones and manage infrastructure delivery effectively [6] - The $5.8 billion hardware investment introduces capital intensity and potential execution risks, which could impact the project's overall economics [6][7] Customer Concentration - IREN's increasing reliance on Microsoft as a major client may pose concentration risks, and any delays in GPU supply chains or regulatory changes in Texas could affect project viability [7]

Core Insights - IREN Limited has signed a five-year agreement with Microsoft for GPU cloud computing services valued at approximately $9.7 billion [1] - The contract includes a 20 percent prepayment and allows Microsoft access to NVIDIA GB300 GPUs managed by IREN [1] - The phased deployment of GPU capacity will occur throughout 2026 at IREN's Childress, Texas campus, which has a total capacity of 750 megawatts [1] Investment and Infrastructure - IREN is developing four new liquid-cooled data centers, named Horizon 1 through Horizon 4, which will support a critical IT load of 200 megawatts [2] - The company has also reached an agreement with Dell Technologies for the purchase of GPUs and additional infrastructure, valued at about $5.8 billion [2] - Funding for these investments will come from existing cash, Microsoft's prepayments, operating cash flow, and new financing [2] Market Reaction - The deal represents IREN's first major hyperscaler tenant, a significant milestone for the company, which was previously a Bitcoin miner [3] - Following the announcement, IREN's stock rose by 21%, reaching $73.89 in pre-trading hours [3]

Partnership & Contract Details - IREN secured a $9.7 billion AI Cloud contract with Microsoft [1] - The contract has a 5-year average term [1] - The contract includes a 20% prepayment [1] Infrastructure & Technology - The contract involves 200MW (IT load) data centers [1] - NVIDIA GB300 GPU deployments are part of the agreement [1]

IREN has signed a multi-year deal with Microsoft to use its cloud-based graphics processing services. ...

Core Insights - IREN has signed a five-year cloud services agreement worth $9.7 billion with Microsoft, allowing Microsoft access to Nvidia's GB300 processors [1] Company Summary - The agreement positions IREN as a significant player in the data center and cloud services market, leveraging its partnership with Microsoft and Nvidia [1] - The deal highlights the growing demand for advanced cloud services and the importance of high-performance computing resources in the industry [1] Industry Summary - The collaboration between IREN and Microsoft reflects a broader trend in the technology sector, where companies are increasingly seeking partnerships to enhance their cloud capabilities [1] - The use of Nvidia's GB300 processors indicates a shift towards more powerful computing solutions to meet the needs of cloud services [1]

智通财经APP获悉，微软公司(MSFT.US)已与澳大利亚企业IREN Ltd.(IREN.US)签署一项价值约97亿美 元的协议，将向后者采购人工智能(AI)云算力，成为这家澳大利亚公司的最大客户。受此消息刺激， IREN盘前暴涨，截至发稿，该股盘前涨超21%。 根据IREN周一发布的声明，这份为期五年的协议将为微软提供位于得克萨斯州、基于英伟达 (NVDA.US)GB300架构的加速器系统，用于处理AI工作负载。协议还包括20%的预付款。总部位于悉尼 的IREN同时宣布，已同意以58亿美元从戴尔科技(DELL.US)采购所需的GPU及相关设备。 IREN首席执行官丹尼尔·罗伯茨(Daniel Roberts)在邮件中表示，协议全面实施后，预计将带来约19.4亿 美元的年化收入，仅占IREN总产能的10%，这为这家基础设施提供商预留了签署更多合同、创造额外 收入的空间。 他指出："我们一直将大型超大规模云服务商视为天然合作伙伴。随着他们的算力需求和我们的AI云能 力同步增长，我们与多家头部企业的谈判已明显提速。" 包括IREN在内的许多新云公司最初以比特币挖矿业务起家，目前已将计算集群扩展至AI领域。受AI ...

Contract Overview - IREN secured a $9.7 billion AI cloud contract [1,9,14] - The contract includes $5.8 billion in GPU capex, including ancillaries [14] - The contract term is 5 years, with phased starts targeted in 2026 [9,14] - A 20% prepayment is included, credited to years 3-5 [9,14] Financial Projections - The estimated project EBITDA margin is approximately 85% [11] - The annualized run-rate revenue (ARR) is $1.94 billion [11] - The company projects $2.5 billion ARR, including other customers [25] Data Center Infrastructure - IREN is building 200MW of data centers for AI cloud services [9,16] - The estimated all-in capex is $14-16 million per MW (IT load) [19] - The company has 750MW of available power in Childress, Texas [20,22]

Core Insights - Microsoft signed a $9.7 billion purchase agreement for AI cloud capacity from IREN, marking a significant validation for the neocloud sector [1] - IREN plans to purchase $5.8 billion worth of GPUs from Dell Technologies and anticipates nearly $1.9 billion in annualized revenue from this deal [2] - The deal highlights the transition of miners' hardware from volatile assets to strategic compute resources, linking blockchain and AI [3] Company Developments - IREN, previously focused on bitcoin mining, is now pivoting towards AI infrastructure, joining other companies like CoreWeave and Crusoe [2] - IREN's shares surged over 30% in premarket trading, contributing to a 500% increase in stock value this year due to the AI hardware boom [2] Industry Trends - The neocloud sector is emerging as a significant player in the AI infrastructure landscape, with companies repurposing energy-intensive mining operations for AI workloads [2] - Microsoft is leveraging leasing contracts with providers like IREN to address the growing demand for Azure AI services amid a global GPU shortage [3]

（文章来源：每日经济新闻） 每经AI快讯，11月3日，IREN美股盘前直线拉升涨21%。 ...

格隆汇11月3日｜IREN美股盘前直线拉升涨超14%，消息面上，公司与微软签署97亿美元协议，将在德 克萨斯州提供云计算服务。 ...