AI cloud computing company IREN signed a multi-year GPU cloud services contract with Microsoft, boosting stock by 20.03% pre-market. The $9.7 billion deal includes a 20% prepayment and a $5.8 billion procurement deal with Dell. IREN plans to fund capital expenditures for new hardware deployment in Texas through various means.

IREN, originally a Bitcoin miner, is strategically pivoting to become an AI Cloud provider. Leveraging existing assets, it aims to diversify revenue streams and position itself at the forefront of the AI-driven data revolution. IREN’s Chief Commercial Officer highlighted the company’s long-term AI strategy in an interview with Investor’s Business Daily.

IREN will release its earnings on Nov. 6. The company’s shift towards AI infrastructure has garnered significant attention, with a partnership with Microsoft and plans for large-scale deployment in Texas.

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