The post IREN Signs $9. 7B AI Cloud Deal With Microsoft appeared com. Bitcoin mining company IREN (IREN) signed a multi-year GPU cloud services contract with Microsoft, highlighting the integration of traditional mining infrastructure with the demands of Big Tech for AI computing power. The five-year agreement, valued at $9. 7 billion, will provide Microsoft with access to Nvidia GB300 GPUs hosted within IREN’s data centers. In a related move, IREN also announced a $5. 8 billion deal with Dell Technologies to acquire GPUs and related equipment. The company plans to fund its capital expenditures through a combination of cash reserves, customer prepayments, operational cash flow, and additional financing. IREN said the agreement reinforces its position as a major provider of AI cloud services, following its pivot into the sector in early 2024. Beyond AI, the company remains one of the largest Bitcoin (BTC) miners by realized hashrate. IREN shares traded sharply higher after Monday’s market open, reflecting investor enthusiasm following the Microsoft announcement. IREN stock surged more than 10% after Monday’s open. HIVE Digital was one of the first to shift strategy, beginning its transition in mid-2023 and now generating meaningful revenue from AI and high-performance computing services. MARA Holdings unveiled an immersion cooling system in 2024 designed to support dense compute workloads such as AI. Earlier this year, Riot Platforms also began laying the groundwork for a potential expansion into AI and high-performance computing. In one of the sector’s largest deals to date, TeraWulf announced a $3. 7 billion hosting agreement in August with AI cloud platform Fluidstack,.