Microsoft entered a five-year, about $9.7 billion GPU cloud services contract with data center firm IREN, according to an SEC Form 8-K filed Nov. 3, 2025.
The filing says IREN will provide access to Nvidia GB300 capacity in tranches across four “Horizon” data centers at Childress, Texas, totaling about 200 MW of IT load, with deployments targeted during 2026 and total contract value running through 2031. Each tranche carries a 20% prepayment credited after month 24 of the service term.
IREN also disclosed a $5.8 billion purchase agreement with Dell Marketing L.P. to supply GPUs and ancillary equipment, scheduled in tranches from March 2026. The company unconditionally guaranteed its subsidiary’s obligations under the Dell pact.
“IREN’s expertise in building and operating a fully integrated AI cloud — from data centers to GPU stack — combined with their secured power capacity makes them a strategic partner,” said Jonathan Tinter, Microsoft’s president of business development and ventures, in IREN’s announcement.
IREN’s Childress campus is a 750-MW, liquid-cooled facility directly connected to the ERCOT grid via on-site substations.
