Key Points Infrastructure operators with multibillion-dollar backlogs offer exposure to AI compute growth without megacap valuations. Power capacity and contracted megawatts are becoming more valuable than software features or algorithm improvements. Recent hyperscaler deals validate that specialized GPU infrastructure can capture enterprise spending at scale. 10 stocks we like better than Iren › Everyone seems to want exposure to the artificial intelligence (AI) theme, but the real constraint is ...

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]

BOOM, $IREN secured partnership with Microsoft 🤝 https://t.co/Itr3Ji5p1mIREN (@IREN_Ltd):$IREN is pleased to announce the signing of a $9.7bn AI Cloud contract with @MicrosoftKey details of the transaction:- $9.7bn AI Cloud contract value- 5-year average term- 20% prepayment- 200MW (IT load) data centers- NVIDIA GB300 GPU deploymentsRefer to the press https://t.co/SEY489QRG4 ...

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

Data centre operator IREN announced on Monday that it has signed a five-year, $9.7 billion cloud services agreement with Microsoft, giving the technology giant access to Nvidia's GB300 processors. The... ...

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]

Microsoft (MSFT) today said it had signed a $9.7 billion purchase agreement for AI cloud capacity from bitcoin miner-turned-neocloud company IREN (IREN). The move marked one of the biggest commercial validations yet for the upcoming neocloud sector — referring to a group of data center firms that evolved from bitcoin mining into artificial intelligence infrastructure. Under the five-year contract, Microsoft will gain access to Nvidia GB300-based AI systems hosted in Texas. IREN, formerly known for its l ...

（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%。 ...