New york: 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.

According to Anadolu Agency, under the agreement, IREN will provide Microsoft with access to Nvidia chips over a five-year period, as stated by IREN. Additionally, IREN announced an agreement with Dell Technologies to purchase chips and auxiliary equipment for approximately $5.8 billion. These acquisitions are expected to be gradually implemented at IREN's facility in Texas throughout 2026.

IREN stated, "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."

IREN's co-CEO, Daniel Roberts, expressed pride in the partnership with Microsoft, highlighting the capabilities of their AI Cloud platform. He noted that the agreement not only reinforces IREN's position as a trusted AI cloud service provider but also expands access to a new customer segment among global hyperscalers.