IREN locks $1.6B Dell deal to scale AI cloud — revenue…

IREN shares jumped 4% in pre-market trading after the company signed a $1.6 billion purchase agreement with Dell Technologies for air-cooled Blackwell GPU systems, a major hardware commitment underpinning its rapidly expanding AI cloud business. The systems will be deployed at IREN's existing data centers in Childress, Texas, with commissioning targeted for early 2027.

The Dell agreement supports IREN's previously announced five-year, $3.4 billion managed services AI cloud contract. Once the new systems are commissioned, the deal is projected to lift IREN's annualized run-rate revenue from $3.7 billion to $4.4 billion — a $700 million step-up that cements the company's position as a serious infrastructure player in the AI compute race.