Compute services and the equipment needed to supply them
IREN's filing dates both the Microsoft agreement and Dell purchase to November 2, 2025. The announcements and contemporary news followed on November 3. The service contract covered dedicated GPU infrastructure in Childress over an average five-year term, with a total value of about $9.7 billion through 2031. [1][4]
The separate Dell purchase covered about $5.8 billion of GPUs and associated equipment and services. Customer prepayments, staged delivery, shipment-linked equipment payments and termination conditions mattered to the financing structure; the two headline values were not cash fully paid at signing. [1][2][3]
Sources
- IREN Limited Form 8-K: Microsoft Agreement and Dell Purchase Agreement
IREN · Nov 3, 2025
- IREN Secures $9.7bn AI Cloud Contract with Microsoft
IREN · Nov 3, 2025
- Dell Technologies AI Infrastructure to Support IREN and Microsoft Collaboration
Dell Technologies · Nov 3, 2025
- Microsoft $9.7 billion deal with IREN will give it access to Nvidia chips
Associated Press · Nov 3, 2025