美股IPO·2025-11-03 12:18Core Insights - Microsoft has signed a $9.7 billion AI cloud agreement with Australian cloud service provider IREN, marking its largest external computing power procurement to date [1][3] - The deal highlights the urgent need for Microsoft to alleviate AI computing power shortages and propels "new cloud" service providers like IREN into the spotlight as emerging competitors in AI infrastructure [1][3] Agreement Details - The five-year agreement is expected to generate approximately $1.94 billion in annual revenue for IREN, utilizing about 10% of its total capacity [6] - IREN will purchase $5.8 billion worth of GPUs and related equipment from Dell to support this agreement, ensuring the delivery of advanced AI computing power to Microsoft [6] - The new GB300 systems will be deployed in phases at IREN's facility in Childress, Texas, which has a planned capacity of 750 megawatts, with deployment expected to continue until 2026 [6] Rise of "New Cloud" Providers - IREN's success reflects a broader industry trend of the rise of "new cloud" service providers, which focus on operating data centers for AI and are competing to provide essential computing power to major players like Meta and OpenAI [7] - Many of these companies, including IREN, originated from Bitcoin mining operations and have successfully transitioned into the more profitable AI sector, leveraging their experience in building and operating large-scale computing clusters [7] - IREN's stock has surged by 480% year-to-date, showcasing the strong market interest in large-scale AI infrastructure deployments [7]