Bitcoin Miner IREN Lands $9.7 Billion Microsoft Deal for AI Infrastructure
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Former cryptocurrency mining company IREN Limited has secured a massive $9.7 billion contract with Microsoft to provide AI computing power, marking one of the biggest deals in the emerging AI infrastructure sector. The announcement sent IREN’s stock soaring nearly 25% in premarket trading on November 3, 2025. The five-year agreement gives Microsoft access to advanced NVIDIA GB300 processors at IREN’s Texas facility. Microsoft will make a 20% upfront payment on the contract, which will help fund the infrastructure buildout. This deal validates IREN’s bold pivot from Bitcoin mining to AI cloud services over the past year. From Bitcoin Mining to AI Powerhouse IREN’s journey represents a dramatic transformation in the tech industry. The company started as Iris Energy in 2018, building renewable-powered Bitcoin mining operations across North America. When Bitcoin mining profits collapsed after the April 2024 halving event, the stock dropped to just $5.13 per share. In November 2024, the company rebranded to IREN Limited to reflect its new focus on AI infrastructure. Management saw an opportunity to repurpose their massive power capacity and data centers for the booming artificial intelligence market. The strategy has paid off spectacularly—IREN’s stock has gained over 496% year-to-date, with shares trading around $74 before the Microsoft announcement. Source: @IREN_Ltd The company operates 2,910 megawatts of grid-connected capacity powered entirely by renewable energy. This gives IREN a critical advantage as AI companies desperately search for power to run their data centers. According to Microsoft CFO Amy Hood, the company expects AI capacity shortages to continue through at least mid-2026. Details of the Microsoft Contract Under the agreement announced through Globe Newswire, IREN will deploy NVIDIA’s latest GB300 GPUs at its 750-megawatt campus in Childress, Texas. The hardware will be installed in four new liquid-cooled data centers called Horizon 1 through 4, supporting 200 megawatts…
Filed under: News - @ November 4, 2025 5:26 am