IREN inks $1.6B Dell Blackwell deal to scale AI cloud compute

IREN Limited disclosed on May 27, 2026 that it signed a $1.6 billion purchase agreement with Dell Technologies for air-cooled NVIDIA Blackwell systems to power its AI cloud. The hardware will support a previously announced five-year, $3.4 billion managed services AI cloud contract and is expected to lift IREN’s annualized revenue run rate from $3.7 billion to $4.4 billion once fully deployed.