IREN To Buy $1.6B In Blackwell Systems From Dell, Targeting $4.4B ARR

IREN Ltd. (NASDAQ: IREN) said May 27, 2026, that it will purchase Blackwell computing systems from Dell Technologies for about $1.6 billion. The data-center operator expects the investment to generate $4.4 billion in annual recurring revenue as it scales AI infrastructure services. The deal underscores IREN’s pivot toward high-performance computing, leveraging Nvidia’s latest Blackwell GPUs via Dell’s server platforms. The systems will be deployed across IREN’s facilities, with delivery timelines tied to chip availability. The company did not disclose financing details for the purchase. The move comes as demand for AI compute surges, positioning IREN to compete with larger cloud providers. Shares rose in premarket trading following the announcement.