IREN Limited Enters into $1.6 Billion Purchase Agreement with Dell for GPUs

IREN Limited, through its wholly owned subsidiary IE US Hardware 4 Inc., has entered into a material definitive agreement with Dell Marketing L.P. for the purchase of approximately $1.6 billion worth of GPUs and related services. These GPUs will be deployed at the Company's Childress, Texas campus to support a previously announced $3.4 billion managed services AI cloud contract. The agreement includes customary representations, warranties, covenants, indemnities, and termination rights. IREN Limited has provided an unconditional guarantee for the obligations of its subsidiary under this agreement. The company anticipates that the deployment of these Blackwell systems, targeted for commissioning in early 2027, will increase its annualized run-rate revenue (ARR) from $3.7 billion to $4.4 billion. Payment terms are structured on a post-shipment basis, and IREN is arranging GPU financing. The company emphasizes its focus on securing capacity and accelerating commissioning to meet market demand in the AI sector.