IREN, Nvidia Agree $3.4B Deal to Deploy 5GW of AI GPUs

IREN and Nvidia announced a $3.4 billion, five-year managed GPU cloud services agreement to deploy up to 5 gigawatts of AI infrastructure built on Nvidia’s DSX architecture. The companies disclosed the deal late Thursday.

Under the contract, IREN will build and operate DSX systems across its global data center pipeline, starting at the 2-gigawatt Sweetwater campus in Texas. The $3.4 billion covers managed GPU cloud services for Nvidia’s internal AI and research workloads over five years. Nvidia also received a five-year option to buy up to 30 million IREN shares at $70 per share, a potential $2.1 billion equity purchase.

Implementation will combine compute, networking, software, power and operations as part of the deployment. The companies did not provide a detailed rollout timetable beyond the initial Sweetwater implementation.

IREN is expanding power and data center capacity to support the planned deployment. The company agreed to acquire Spain-based data center developer Ingenostrum (Nostrum Group), adding 490 megawatts of grid-connected power in Spain and bringing IREN’s total power portfolio to about 5 gigawatts. Those assets are positioned to serve the Nvidia workload and IREN’s existing commitments to other technology customers.

Jensen Huang described the partnership as requiring “deep integration across the full stack — compute, networking, software, power and operations.” Daniel Roberts, IREN’s co-founder and co-CEO, called the deal a combination of Nvidia’s AI systems and architecture leadership with IREN’s expertise in power, land, data centers, GPU deployment and infrastructure operations.

The announcement lifted IREN’s shares above $72 in after-hours trading from a regular-session close of $56.85. The gains narrowed after IREN released quarterly results showing a first-quarter net loss of $247.8 million; the stock traded around $58.60 and was up roughly 3% on Friday. Investment bank Bernstein set a $100 price target on IREN. Nvidia shares have continued trading near record levels, recently above $215 per share.

The Nvidia agreement follows IREN’s November 2025 contract to supply Microsoft with $9.7 billion in GPU cloud infrastructure powered by Nvidia GB300 GPUs at IREN’s Childress, Texas data center. That arrangement included a $5.8 billion hardware purchase agreement with Dell Technologies. Together, the commitments tied to Nvidia and Microsoft push IREN’s contracted infrastructure pipeline past $15 billion.

Other infrastructure providers have also signed large AI compute agreements recently, including a $9.8 billion data center lease by Hut 8 and multi-billion-dollar deals involving Core Scientific and Terawulf.