IREN, Cipher Bag Billion-Dollar AI Deals: Which Company Is Next?

IREN Ltd (NASDAQ:IREN) and Cipher Mining Inc. (NASDAQ:CIFR) burst into the spotlight on Monday with multi-billion-dollar deals that are reshaping the AI infrastructure arms race. 

As demand for AI-driven computing skyrockets, infrastructure providers are partnering with tech giants and cloud leaders as hyperscale AI projects secure the power and hardware they need.

• CIFR stock is soaring. Watch the real-time price action here. 

IREN’s Landmark Microsoft Deal

IREN secured a five-year, $9.7 billion contract with Microsoft Corp. (NASDAQ:MSFT) to provide access to Nvidia's latest GB300 GPUs for cloud-based AI services

The agreement includes a 20% prepayment from Microsoft and commits IREN to purchasing $5.8 billion in Nvidia GPUs and related equipment from Dell Technologies. 

The cutting-edge infrastructure will reside at IREN's Texas campus, eventually powering 200 megawatts of AI compute workloads. The partnership provides IREN with credibility and a steady revenue stream as it positions itself in the AI supply chain.​

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Cipher's Dual Deals with Tech Titans

Cipher announced a 15-year, $5.5 billion lease with Amazon.com Inc.'s (NASDAQ:AMZN) AWS to deliver 300 megawatts of turnkey AI infrastructure, positioning itself as a leader in the repurposing of crypto-mining assets for the booming demand in AI data centers. 

Cipher also recently signed a $3 billion, 10-year colocation deal with Fluidstack, including support and partial backing from Google. 

Google's involvement ensures $1.4 billion in guaranteed lease obligations and a 5.4% stake in Cipher, while the underlying facility in Texas is set to deliver scalable AI workloads through 2036. 

What’s Next in the AI Arms Race?

Industry watchers expect more partnerships and billion-dollar deals as hyperscalers race to lock in scarce GPU resources and megawatts of clean power. 

Other companies similar to IREN and Cipher Mining in the AI data center infrastructure space include Applied Digital Corp. (NASDAQ:APLD), Core Scientific, Inc. (NASDAQ:CORZ), Hut 8 Corp. (NASDAQ:HUT) and HIVE Digital Technologies Ltd. (NASDAQ:HIVE). 

Investors should monitor the sector as the market is primed for more headline-making contracts with independent data center operators as hyperscalers ramp up AI spending.  

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