IREN Ltd files 8-K: entry into a material agreement, Regulation FD disclosure

1 IREN Targets $4.4bn in ARR with Blackwell Deployment at Childress NEW YORK, May 26, 2026 (GLOBE NEWSWIRE) – IREN Limited (NASDAQ: IREN) (“IREN”) today announced it has entered into a purchase agreement with Dell for air-cooled Blackwell systems to service its previously announced five-year, $3.4bn managed services AI cloud contract. The transaction is part of IREN’s ongoing investment to accelerate time-to-compute, today the defining constraint in AI. The Blackwell systems will be deployed across existing data centers at IREN’s Childress, Texas campus, with commissioning targeted for early 2027. Upon commissioning, the AI cloud contract is expected to increase IREN's annualized run-rate revenue (ARR) from $3.7bn to $4.4bn.1 This reflects IREN's ongoing progress in bringing GPU capacity online and converting it into revenue.

The total purchase price under the agreement with Dell is approximately $1.6bn, inclusive of GPUs, servers, storage, networking, ancillary equipment, integration services, and warranties, with payment terms structured on a post-shipment basis. IREN is advancing GPU financing in connection with the agreement, consistent with its approach to prior hardware deployments. Daniel Roberts, Co-Founder & Co-CEO of IREN, commented: “Securing capacity and accelerating commissioning are our top priorities in a market where time-to- compute is everything. Hyperscalers, enterprises and developers choose IREN as a partner because we own and control the full stack - the physical infrastructure, the compute, and the operational capability to deploy at scale. Our relationship with Dell ensures access to hardware at the scale and speed the market demands.

Every deployment we complete makes the next one faster, and that compounding execution advantage is what we are building.”