Compute · the Ledger · Capacity contract
Microsoft contracts IREN for Nvidia GB300 capacity at Childress, Texas: ~$9.7B over a five-year average term
Signed · announced 3 Nov 2025 · the week to 7 Nov 2025
- Size
- $9.7B
- Power
- 200 MW
- GPUs
- GB300
- Term
- 5 years · to 2 Nov 2030
The parties
- Microsoftcompany pageBuyer
- IRENcompany pageProvider
The source
IREN 8-K, 2025-11-03Regulatory filing
Partner Statement of Work with IREN subsidiary IE US Hardware 3; Horizon 1-4 facilities, ~200 MW IT load, tranches targeted for 2026. 20% of each tranche's value prepaid. IREN agreed the same day to buy ~$5.8B of GPUs and ancillary equipment from Dell for the contract. Financed in May 2026 (see iren-microsoft-contract-financing-2026-05). Accelerator as stated: NVIDIA GB300.
The same parties, other deals
- ChronoScale and Microsoft sign a three-year partnership for about 50 MW of planned AI compute capacityundisclosed · 19 Aug 2026
- IREN subsidiary raises ~$3.6B ($1.5B DDTL plus $2.1B of 5.96% senior notes) against its Microsoft GPU contract$3.6B · 1 Jun 2026
- Nvidia signs a $3.4B, five-year AI cloud contract with IREN for air-cooled Blackwell GPUs at Childress$3.4B · 7 May 2026
- Anthropic commits to $30B of Azure compute; Nvidia to invest up to $10B and Microsoft up to $5B in Anthropic$30B · 18 Nov 2025
- OpenAI recapitalizes; Microsoft's stake is ~27% (~$135B) and OpenAI contracts to buy an incremental $250B of Azure services$250B · 28 Oct 2025
- Nscale contracts to supply Microsoft with about 200,000 Nvidia GB300 GPUs across Texas, Portugal, the UK and Norwayundisclosed · 15 Oct 2025