IREN Limited (IREN) Stock: Soars Over 20% After $9.7 Billion Microsoft GPU Cloud Deal

TLDR

• Microsoft signs $9.7 billion GPU cloud services contract with IREN over five years.
• Deal includes access to Nvidia GB300 processors and a 20% prepayment.
• IREN to spend $5.8 billion on GPUs and equipment from Dell Technologies.
• Deployments to occur through 2026 at IREN’s 750MW Texas campus.
• Stock surged 21.88% in premarket; YTD return stands at 518.64%.

IREN Limited (NASDAQ: IREN) stock traded at $60.75, up 4.35% at market close on October 31, 2025, and jumped 21.88% pre-market to $74.04 after announcing a $9.7 billion GPU cloud services agreement with Microsoft.

IREN Limited, IREN
The five-year deal marks a major milestone for IREN as it accelerates its growth in AI infrastructure and cloud computing.

Microsoft and IREN Forge Strategic AI Cloud Partnership

Under the agreement, IREN will provide Microsoft with access to Nvidia’s GB300 GPUs over a five-year period, with Microsoft making a 20% prepayment as part of the deal. The contract, valued at approximately $9.7 billion, underscores Microsoft’s push to expand its AI and data center capabilities amid intensifying demand for high-performance computing.

IREN also entered into a purchase agreement with Dell Technologies, committing about $5.8 billion to acquire the GPUs and related equipment. The move reinforces IREN’s position as a key infrastructure partner for hyperscalers seeking scalable AI cloud solutions.

Large-Scale GPU Deployment at Texas Campus

The GPUs will be deployed in phases through 2026 at IREN’s 750-megawatt Childress, Texas campus, which will host new liquid-cooled data centers supporting a total of 200 megawatts of critical IT load across Horizon 1–4 projects.

The phased rollout aligns with IREN’s strategy to strengthen its vertically integrated AI Cloud platform across its 3GW secured power portfolio in North America. Co-Founder and Co-CEO Daniel Roberts described the Microsoft agreement as “a milestone partnership” validating IREN’s credibility and scalability in the AI cloud market.

Microsoft Sees Strategic Synergy

Jonathan Tinter, Microsoft’s President of Business Development and Ventures, highlighted the collaboration’s potential to enhance AI infrastructure delivery. He stated that IREN’s integrated capabilities,  from GPU management to data center operations — make it a “strategic partner” for Microsoft’s next generation of AI-driven cloud services.

IREN’s Market Performance and Returns

The market reacted positively to the announcement, with IREN stock surging 21.88% pre-market on November 1, 2025. The company has outperformed major benchmarks, posting a 518.64% year-to-date return compared to the S&P 500’s 16.30%.

Over one year, IREN gained 566.12%, and its three-year return stands at an impressive 1,694.68%, underscoring its meteoric rise in the AI and data center sector.

The $9.7 billion Microsoft partnership cements IREN’s role as a leading provider of large-scale AI cloud infrastructure. With strong GPU deployment plans, strategic financing, and robust returns, IREN is well-positioned to capitalize on surging global demand for AI computing power.

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