IREN jumps on $9.7 bln AI cloud deal with Microsoft

. Shares of AI cloud service provider IREN IREN.O rise 24% to $75.50 premarket

IREN signs multi-year GPU cloud services contract with Microsoft MSFT.O with a total contract value of about $9.7 bln, including a 20% prepayment

Under the deal, IREN will provide MSFT with access to Nvidia GB300 GPUs over a five-year term

IREN has also entered into an agreement with Dell Tech DELL.N to purchase the GPUs and ancillary equipment for approximately $5.8 billion

Dell shares were up ~4% to $167.9 premarket

Up to last close, IREN had risen more than six fold YTD