Microsoft signs a $9.7 billion AI cloud service protocol, purchasing computing power capacity from the encryption mining company IREN.

According to a report from Jin10 on November 3, Microsoft (MSFT.O) has signed a protocol worth approximately $9.7 billion with Australian encryption mining company IREN, becoming the largest customer of this Australian company by purchasing artificial intelligence cloud service computing power. According to a statement released by IREN on Monday, this five-year protocol will grant Microsoft access to the Nvidia GB300 architecture accelerator system located in Texas for AI workloads, with 20% of the payment made in advance. IREN also announced that it has agreed to purchase essential GPUs and related equipment worth $5.8 billion from Dell (DELL.N). IREN's CEO Daniel Roberts stated via email that once fully implemented, this protocol is expected to generate approximately $1.94 billion in annualized revenue, occupying only about 10% of IREN's total computing power capacity, leaving room for this infrastructure provider to sign more contracts.