Microsoft Signs $9.7 Billion Cloud Deal with IREN to Boost AI Computing Power

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Microsoft has signed a $9.7 billion cloud computing deal with U.S.-based data center operator IREN to expand its artificial intelligence infrastructure and ease ongoing computing bottlenecks. The agreement, which includes access to Nvidia’s powerful GB300 chips, underscores the growing global demand for AI processing capacity.

Shares of IREN surged nearly 25% to a record high following the announcement before settling up around 10%. Dell Technologies, which will supply Nvidia’s advanced chips and related equipment to IREN, also gained about 1%. Under the five-year agreement, Microsoft will use roughly $5.8 billion worth of IREN’s computing hardware and infrastructure capacity.

The deal allows Microsoft to scale its AI operations without immediately building new data centers or acquiring additional power resources — key hurdles that have limited the company’s ability to meet soaring demand for applications like ChatGPT and Copilot. The approach also helps reduce heavy capital spending on rapidly depreciating hardware as newer processors enter the market.

IREN operates data centers across North America with a total capacity of 2,910 megawatts. The Nvidia chips will be deployed in phases through 2026 at the company’s 750-megawatt facility in Childress, Texas, which will include liquid-cooled centers providing 200 megawatts of new IT capacity.

The deal follows Microsoft’s recent $17.4 billion agreement with AI cloud provider Nebius and reflects the company’s strategy to leverage “neocloud” partners such as IREN and CoreWeave to expand capacity. IREN said Microsoft’s prepayment will help fund its $5.8 billion Dell contract, though the deal could be canceled if deadlines are missed.

Schaeffler Partners with Neura Robotics to Develop Humanoids, Eyes New Growth Beyond Auto Industry

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German engineering firm Schaeffler announced on Tuesday that it has entered into a strategic partnership with Neura Robotics to jointly develop and supply key components for humanoid robots, marking a major step in its diversification beyond traditional automotive manufacturing.

The company said it plans to integrate a “mid-four-digit number” of humanoids into its production lines by 2035, leveraging AI and robotics to enhance industrial efficiency. The partnership aligns with Schaeffler’s long-term vision to generate up to 10% of its total sales from emerging sectors such as defense, electric vertical take-off and landing (eVTOL) aircraft, and humanoid robotics by 2035.

The move comes as Europe’s automotive industry faces mounting challenges, including U.S. import tariffs, slowing demand, and intensifying competition from Chinese manufacturers. In response, Schaeffler is rebalancing its portfolio to focus on high-growth technology areas. The company also confirmed plans to sell its turbocharger business in China, which generated around €100 million in revenue in 2024.

CEO Klaus Rosenfeld said the firm sees significant potential in humanoid robotics, both for internal process optimization and as a new business avenue. “Humanoids will become a very interesting activity for Schaeffler,” Rosenfeld noted, adding that while the automotive environment remains difficult, investment in AI-driven technologies offers long-term opportunity.

Intuitive Machines to Expand Beyond Lunar Missions with $800 Million Acquisition of Lanteris Space Systems

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Intuitive Machines announced on Tuesday that it will acquire Lanteris Space Systems — formerly Maxar Space Systems — from private equity firm Advent International in an $800 million deal aimed at transforming the company into a full-spectrum space services provider. The acquisition marks a major strategic shift for the Houston-based lunar lander manufacturer, broadening its scope well beyond the Moon.

The transaction, comprising $450 million in cash and $350 million in stock, is expected to close in the first quarter of next year pending regulatory approval. Following the news, Intuitive Machines’ shares fell about 5% in premarket trading.

CEO Steve Altemus said the acquisition “moves Intuitive Machines beyond the Moon and into a wider range of space projects.” The combined company will generate an estimated $850 million in annual revenue and hold about $920 million in future contracts as of September 30.

Lanteris builds satellites and spacecraft used for defense, communications, and scientific missions. It was previously the satellite manufacturing arm of Maxar Technologies, which Advent took private in 2023 for $4 billion. Advent will retain a minority stake in the merged entity.

The deal follows Intuitive Machines’ recent acquisition of deep-space navigation firm KinetX and several new U.S. government contracts, as the company positions itself as a key player in both lunar and orbital missions.

Separately, the company reported third-quarter revenue of $52.4 million, below analyst expectations of $68.1 million, and a net loss of $10 million, according to LSEG data.