2 Trillion Won Blackwell Equipment Acquisition.. Supporting Major AI Cloud Contracts

IREN Ltd (NASDAQ: IREN) announced on May 11 that it plans to privately place up to $2.3 billion of convertible bonds due 2033—comprising a $2.0 billion issue and a $0.3 billion option—to institutional investors.

On May 26, the company signed a supply agreement worth approximately $1.6 billion with Dell for NVIDIA Blackwell–based GPUs, servers, and storage, committing to install the equipment in its existing Childress, Texas, data center with a target commissioning date of early 2027. IREN projects that once the Blackwell system is online, its annual revenue run rate could expand from $3.7 billion to $4.4 billion.

Earlier, on May 7, IREN entered a five-year, $3.4 billion AI cloud contract with NVIDIA to deploy Blackwell systems at its 60-megawatt Childress campus data center. Then, on May 12, the company completed its major fundraising for AI infrastructure expansion by issuing $2.6 billion of 2033-maturing convertible bonds with a 1.0 percent coupon.

Headquartered in Australia and listed on NASDAQ, IREN began as a Bitcoin miner and is now transitioning into an AI cloud infrastructure provider, building large-scale GPU data centers in Childress, Texas, and British Columbia, Canada. Amid surging demand for GPU-based cloud services driven by generative AI, IREN’s partnerships with NVIDIA and Microsoft highlight the broader trend of nontraditional IT firms entering the competition for AI data center investment.