IREN Agrees to Buy Nvidia Blackwell Systems From Dell for $1.6 Billion

IREN, a data center operator, agreed on May 26, 2026, to purchase Nvidia’s air-cooled Blackwell systems from Dell for about $1.6 billion, aiming to expand AI computing capacity. The deal supports a previously announced five-year, $3.4 billion cloud AI service contract with the server maker. The systems will be deployed at IREN’s Childress, Texas, campus and are expected to be operational by early 2027. Once commissioned, the contract is projected to raise IREN’s annualized run-rate revenue to $4.4 billion from $3.7 billion. The purchase price covers all equipment—GPUs, servers, storage, networking—plus integration services and warranties, with payments made after delivery. The move follows Nvidia’s earlier May 2026 pledge to invest up to $2.1 billion in IREN as part of a broader infrastructure deal, and a November 2025 Microsoft agreement worth $9.7 billion that includes access to Nvidia’s advanced chips.