IREN Enters Into A Purchase Agreement With Dell For Air-Cooled Blackwell Systems To Service Its Previously Announced Five-Year, $3.4B Managed Services AI Cloud Contract; The AI Cloud Contract Is Expected To Increase IREN's Annualized Run-rate Revenue From $3.7B To $4.4B

IREN Limited (NASDAQ:IREN) ("IREN") today announced it has entered into a purchase agreement with Dell for air-cooled Blackwell systems to service its previously announced five-year, $3.4bn managed services AI cloud contract.

The transaction is part of IREN's ongoing investment to accelerate time-to-compute, today the defining constraint in AI.

The Blackwell systems will be deployed across existing data centers at IREN's Childress, Texas campus, with commissioning targeted for early 2027. Upon commissioning, the AI cloud contract is expected to increase IREN's annualized run-rate revenue (ARR) from $3.7bn to $4.4bn.1 This reflects IREN's ongoing progress in bringing GPU capacity online and converting it into revenue.