PANews reported on November 3rd, citing Bloomberg, that Microsoft has signed a deal worth approximately $9.7 billion to purchase AI cloud computing power from Australian company IREN Ltd., becoming the Australian company's largest customer. In a statement released Monday, IREN said the five-year agreement will allow Microsoft to use NVIDIA's accelerated systems built on the GB300 architecture in Texas to meet its AI workload needs. The agreement also includes a 20% upfront payment. IREN also stated that it has agreed to purchase the necessary graphics processing units (GPUs) and related equipment from Dell for $5.8 billion. IREN CEO Daniel Roberts said the agreement is expected to generate approximately $1.94 billion in annualized revenue once fully implemented. The agreement will account for approximately 10% of IREN's total computing power, leaving room for the infrastructure provider to sign more contracts and generate additional revenue.