IREN jumps on $9.7 bln AI cloud deal with Microsoft

IREN

03/11/2025 11:23

.    ** Shares of AI cloud service provider IREN IREN.O rise 24% to $75.50 premarket

** IREN signs multi-year GPU cloud services contract with Microsoft MSFT.O with a total contract value of about $9.7 bln, including a 20% prepayment

** Under the deal, IREN will provide MSFT with access to Nvidia GB300 GPUs over a five-year term

** IREN has also entered into an agreement with Dell Tech DELL.N to purchase the GPUs and ancillary equipment for approximately $5.8 billion

** Dell shares were up ~4% to $167.9 premarket

** Up to last close, IREN had risen more than six fold YTD

 (Reporting by Harshita Mary Varghese in Bengaluru)

 ((HarshitaMary.Varghese@thomsonreuters.com))