IREN · IREN Limited

IREN Limited, through its wholly owned subsidiary IE US Hardware 4 Inc., entered into a definitive purchase agreement with Dell Marketing L.P. to acquire air-cooled Blackwell GPUs and ancillary products and services at an aggregate purchase price of approximately $1.6 billion. This transaction is directly linked to IREN's previously announced $3.4 billion, five-year managed services AI cloud contract, which will be serviced at the company's Childress, Texas campus. The purchase agreement reflects IREN's strategy to accelerate time-to-compute, a critical constraint in the AI market. Payment terms are structured on a post-shipment basis, with installments due within 30 days of each tranche shipping. IREN is actively pursuing GPU financing to support the acquisition, consistent with its prior hardware deployment approach. The company has agreed to unconditionally guarantee the obligations of its subsidiary. The agreement includes standard representations, warranties, covenants, indemnities, and termination rights. The filing also included a press release (Exhibit 99.1) issued on May 26, 2026, announcing the agreement and outlining expected financial impacts, including a projected increase in annualized run-rate revenue (ARR) from $3.7 billion to $4.4 billion upon commissioning of the Blackwell systems, targeted for early 2027. This deployment is a key step in IREN's expansion of its AI cloud platform, leveraging its vertically integrated model and existing infrastructure at Childress.