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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.

Nebius to Raise $3 Billion Following Landmark Microsoft Deal

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AI infrastructure company Nebius Group announced Wednesday it will raise $3 billion to accelerate growth in its artificial intelligence cloud business, just days after striking a $17.4 billion deal with Microsoft.

The funding package includes a $2 billion private offering of convertible senior notes and a $1 billion underwritten public offering of class A shares. Goldman Sachs will serve as the lead book-running manager, joined by Morgan Stanley, BofA Securities, and Citigroup.

Nebius said the funds will be used to expand its compute and hardware capacity, secure land from reliable providers, and grow its data center footprint.

The announcement follows Monday’s news that Nebius will provide Microsoft with GPU infrastructure capacity for five years, a contract worth up to $19.4 billion if additional services are included. The deal sent Nebius’ Nasdaq-listed shares soaring 49% to a record high on Tuesday, though they slipped 5.6% in pre-market trading Wednesday. Year to date, shares have climbed an impressive 245%.

Nebius was formed after splitting assets from Russian tech company Yandex. Its rise highlights the surging demand for data center capacity worldwide, driven by the explosive growth of generative AI technologies.

Nebius Hits Record High After $17.4B Microsoft AI Deal

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Nebius Group’s (NBIS.O) shares surged 43% to a record $91.75 on Tuesday after striking a $17.4 billion, five-year deal with Microsoft to supply AI infrastructure. The contract could rise to $19.4 billion if Microsoft scales up demand, making it one of the largest partnerships in the rapidly growing AI data center sector.

Deal Impact

  • Nebius will supply dedicated GPU infrastructure from its new Vineland, New Jersey data center, starting later this year.

  • Microsoft has been facing AI cloud shortages and is relying on external providers like Nebius and CoreWeave to meet client demand.

  • Rival CoreWeave’s shares rose 4.4% in parallel, reflecting investor optimism for the broader AI cloud sector.

Market Significance

  • Nebius stock has more than doubled in 2025, driven by global AI demand and investor enthusiasm.

  • Analysts said the deal de-risks Nebius’ capacity expansion and cements its position as a key supplier to hyperscalers and AI labs.

  • BWS Financial analyst Hamed Khorsand called it “unprecedented clarity on long-term revenue potential.”

Strategic Outlook

  • The agreement builds on Nebius’ full-stack AI cloud model, which provides Nvidia-powered computing, storage, and developer tools.

  • CEO Arkady Volozh said the deal will accelerate AI cloud growth from 2026 onward, reinforcing Nebius’ expansion strategy.

  • Founded from the spinoff of Yandex assets, Amsterdam-based Nebius is now seen as a leading independent AI infrastructure provider.