On May 27, IREN Ltd rose 5.19% in pre-market trading, trading at $62.90/share, with trading volume of approximately $48.53 million.
The rally was driven by IREN's announcement that it has entered into a purchase agreement worth approximately $1.6 billion with Dell Technologies for air-cooled NVIDIA Blackwell architecture AI computing systems. The systems will be deployed at IREN's Childress, Texas campus, with commissioning targeted for early 2027.
The procurement is designed to service a previously announced five-year, $3.4 billion cloud AI computing service contract with Dell. Upon full commissioning, IREN projects its annualized run-rate revenue will increase from $3.7 billion to $4.4 billion. The deal follows a series of major partnerships, including NVIDIA's commitment to invest up to $2.1 billion in IREN and Microsoft's $9.7 billion agreement signed last year, collectively reinforcing market confidence in IREN's aggressive expansion into AI infrastructure.
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