Data center operator IREN announced on Monday that it has signed a nearly $9.7 billion cloud services agreement with Microsoft, granting the tech giant access to Nvidia’s GB300 processors over the next five years.

The deal marks Microsoft’s latest effort to expand its AI and data center infrastructure amid surging demand that continues to strain cloud capacity across major tech firms.

IREN said the GB300 processors will be deployed in stages through 2026 at its 750-megawatt data center campus in Texas, United States.

The company also noted that the contract with Microsoft includes a 20 per cent prepayment.

IREN’s shares jumped about 18 per cent in premarket trading following the announcement.

The company also revealed a separate agreement with Dell Technologies to acquire the chips and related equipment valued at approximately $5.8 billion.