The partnership boosts IREN’s GPU deployment and lifts its annualized revenue forecast to $4.4 billion.
IREN stock climbed Wednesday following a $1.6 billion hardware agreement with Dell Technologies to accelerate AI infrastructure deployment in its Texas data centers. The deal targets Nvidia’s air-cooled Blackwell systems, expediting GPU rollout and raising IREN’s annualized run-rate revenue outlook to $4.4 billion.
Prior to the announcement, IREN had pivoted from bitcoin mining to AI cloud services, though revenue projections remained below the updated $4.4 billion target. The partnership aligns with broader market trends, as tech and AI-related stocks drove the Nasdaq, S&P 500, and Russell 2000 to record highs earlier this week.
Shares of IREN rose in early trading, reflecting investor optimism about the company’s AI growth strategy and expanded hardware capacity.