IREN secures five-year, US$9.70 billion Microsoft data center contract, reshaping its transition from Bitcoin mining to AI infrastructure.

IREN signed a five-year, US$9.70 billion agreement with Microsoft for AI-focused data center capacity, positioning itself as a pure-play data center operator alongside its existing Bitcoin mining operations.

The company announced plans in March 2026 to purchase over 50,000 additional NVIDIA B300 GPUs, bringing its fleet to 150,000 units and targeting more than US$3,700 million of AI Cloud annualized revenue by late 2026, while funding expansion through prepayments, convertible notes, leasing, and an at-the-market equity program.

Management projects US$3.40 billion annualized revenue for 2026, with long-term forecasts of US$4.8 billion revenue and US$78.3 million earnings by 2029, though the rapid expansion creates funding and construction execution risks.