IREN Announces $3.5B Agreement with Dell to Acquire GPUs for AI Cloud Expansion

IREN Limited, through its subsidiaries, entered into definitive purchase agreements with Dell entities on March 4, 2026, for an aggregate price of approximately $3.5 billion. The agreements cover the acquisition of GPUs and related products to significantly expand the company's AI Cloud infrastructure.

Key Details

• Agreements: The company's subsidiaries entered into two agreements with Dell Canada ($2.3 billion) and Dell USA ($1.2 billion) for a total of approximately $3.5 billion.
• Hardware & Timeline: The purchase includes over 50,000 NVIDIA B300 GPUs, with delivery scheduled in phases during the second half of 2026.
• Strategic Impact: This acquisition will expand IREN's total fleet to 150,000 GPUs, which is expected to support an annualized AI Cloud revenue run-rate of over $3.7 billion by the end of 2026.
• Financing & Payment: The company anticipates approximately $3.5 billion in capital expenditures for these orders. Payment is due in installments within 30 days of each shipment. IREN has also established an at-the-market equity program to support its capital management.