IREN Limited, a former Bitcoin mining company, has entered a $9.7 billion agreement with Microsoft to pivot into the artificial intelligence sector. The five-year deal includes an initial $1.94 billion payment from Microsoft, facilitating IREN's expansion under its 'New Cloud' model. Additionally, IREN has signed a $5.8 billion contract with Dell for GPU and related equipment. The company will provide AI cloud computing power to Microsoft using its data centers and renewable energy, with full deployment expected by 2026. The announcement led to a record surge in IREN's stock price.