IREN Secures $9.7B Microsoft AI Deal, Exits Bitcoin Mining

IREN, a leading Bitcoin miner, has secured a five-year, $9.7B Microsoft AI deal giving the tech giant access to Nvidia GB300 GPUs across 200 MW of renewable energy data centers. Coupled with a $5.8B GPU purchase pact with Dell Technologies, the agreements mark IREN’s strategic pivot from Bitcoin mining to high-performance cloud computing. Analysts at Cantor Fitzgerald have raised their price targets, highlighting that this Microsoft AI deal helps Microsoft avoid hefty hardware capex while leveraging IREN’s sustainable infrastructure. Following the announcements, IREN’s shares jumped over 10% at market open, climbed 8.5% intraday and 21.2% pre-market, propelling its market cap to $16.5B and lifting its year-to-date gains to 518%. Full deployment of the GPUs could generate up to $1.94B in annual revenue, reflecting a broader industry shift as miners diversify amid tightening margins.