Microsoft has entered into a $9.7 billion agreement with Australian firm IREN Ltd. to acquire AI cloud computing power, marking IREN's largest customer deal to date. The five-year contract will enable Microsoft to utilize NVIDIA's accelerated systems based on the GB300 architecture in Texas to support its AI workloads. The deal includes a 20% upfront payment. Additionally, IREN has committed to purchasing $5.8 billion worth of GPUs and related equipment from Dell. IREN CEO Daniel Roberts anticipates the agreement will generate approximately $1.94 billion in annualized revenue once fully operational. This contract will utilize about 10% of IREN's total computing capacity, allowing the company to pursue further contracts and revenue opportunities.