ISTANBUL

US tech giant Microsoft and artificial intelligence (AI) cloud service provider IREN on Monday reached a $9.7 billion deal that includes access to Nvidia chips.

Under the agreement, IREN will provide Microsoft with access to Nvidia chips over a five-year period, according to a statement by IREN.

Additionally, the firm said it had reached an agreement with Dell Technologies to purchase chips and auxiliary equipment for approximately $5.8 billion, and that these are expected to be gradually put into operation at IREN's facility in Texas throughout 2026.

"IREN expects to fund the capital expenditures associated with the contract through a combination of existing cash, customer prepayments, operating cashflows and additional financing initiatives," a statement from IREN said.

Daniel Roberts, IREN's co-CEO, said: "We’re proud to announce this milestone partnership with Microsoft, highlighting the strength and scalability of our vertically integrated AI Cloud platform."

"This agreement not only validates IREN’s position as a trusted provider of AI Cloud services, but also opens access to a new customer segment among global hyperscalers," he added.