Key Takeaways
- Shares of IREN surged to a record high Monday after the Australian Bitcoin miner and data center company said it inked a $9.7 billion deal with Microsoft.
- IREN is also spending $5.8 billion to purchase Nvidia chips from Dell Technologies.
IREN (IREN) shares jumped to an all-time high Monday after the Australian Bitcoin miner and data center company said it inked a $9.7 billion deal with Microsoft (MSFT).
Shares of IREN were up over 8% near $66 in recent trading after reaching an intraday high of $75.73 earlier in the session. Shares of Microsoft were little changed.
The company said the deal would give Microsoft access to Nvidia (NVDA) chips in its data centers over five years. IREN also said it struck a deal to purchase related Nvidia chips and ancillary equipment from Dell Technologies (DELL) for about $5.8 billion.
IREN said it plans to pay for all the capital expenditures involved by “a combination of existing cash, customer prepayments, operating cashflows and additional financing initiatives.”
Why This Is Significant
IREN, like some other Bitcoin miners, has pivoted to focus more of its business on providing AI infrastructure to capitalize on the boom in demand for computing.
Co-founder and CEO Daniel Roberts said that the Microsoft agreement represents “another major step forward for IREN as we continue to expand large-scale GPU deployments across our 3GW secured power portfolio in North America.”
With Monday’s gains, IREN shares are up close to 600% for 2025.