DealsMay 26, 2026, 05:12 PM
IREN to buy $1.6B Dell Blackwell systems; ARR to hit $4.4B
AI Summary
IREN Limited announced a purchase agreement with Dell for approximately $1.6 billion to acquire air-cooled Blackwell systems. These systems are intended to service IREN's previously announced five-year, $3.4 billion managed services AI cloud contract. The deal is expected to increase IREN's annualized run-rate revenue (ARR) from $3.7 billion to $4.4 billion upon commissioning, which is targeted for early 2027 at its Childress, Texas campus. The agreement covers GPUs, servers, storage, networking, and related services, with payment terms structured post-shipment.
Key Highlights
- IREN entered a purchase agreement with Dell for approximately $1.6 billion for air-cooled Blackwell systems.
- The systems will service IREN's previously announced five-year, $3.4 billion managed services AI cloud contract.
- Upon commissioning, the AI cloud contract is expected to increase IREN's annualized run-rate revenue (ARR) from $3.7 billion to $4.4 billion.
- Blackwell systems will be deployed at IREN's Childress, Texas campus, with commissioning targeted for early 2027.
- The $1.6 billion purchase includes GPUs, servers, storage, networking, equipment, integration services, and warranties.
- Payment terms for the Dell agreement are structured on a post-shipment basis.
- IREN is advancing GPU financing in connection with the agreement.
Price Impact
More from IREN