IREN Signs $1.6 Billion Dell Deal for Nvidia Blackwell GPUs

A $1.6 Billion Bet on AI Compute

IREN Limited announced on Tuesday that it has entered into a $1.6 billion purchase agreement with Dell Technologies for Nvidia air-cooled Blackwell GPU systems. The deal, disclosed in an 8-K filing with the Securities and Exchange Commission, is designed to support the company's previously announced five-year, $3.4 billion managed services AI cloud contract.

The agreement is comprehensive, covering not just the GPUs themselves but servers, storage, networking, ancillary equipment, integration services, and warranties. Payments are structured on a post-shipment basis, due within 30 days of each delivery tranche, an arrangement that helps manage the enormous capital outlay over time.

Deployment and Revenue Targets

The Blackwell systems will be deployed across existing data centres at IREN's campus in Childress, Texas, with commissioning targeted for early 2027. Once operational, the new capacity is expected to lift the company's annualised run-rate revenue from $3.7 billion to $4.4 billion.

That $4.4 billion target is built from several pillars: roughly $1.9 billion in expected average annual revenue from a Microsoft contract, around $700 million from the $3.4 billion AI cloud contract, and an estimated $1.8 billion from planned GPU deployments at facilities in British Columbia and Childress.

A Rapid Infrastructure Buildout

The purchase marks IREN's latest move in a breakneck infrastructure expansion. In November 2025, the Australia-based company secured a $9.7 billion AI cloud contract with Microsoft to provide access to Nvidia GB300 GPUs over five years, alongside an initial $5.8 billion Dell equipment order. In March 2026, IREN signed an additional $3.5 billion in Dell agreements for over 50,000 Nvidia B300 GPUs, expanding its fleet to 150,000 units.

Funding the Expansion

IREN said it is advancing GPU financing consistent with its prior hardware deployments and has unconditionally guaranteed its subsidiary's obligations under the new Dell agreement. The company stated it secured $9.3 billion in funding over the past eight months through customer prepayments, convertible notes, GPU leasing, GPU financing, and an at-the-market equity programme. The scale and pace underscore how a company once rooted in cryptocurrency mining has pivoted aggressively into renting out high-end AI computing power.