Here’s a big one for the Aussie tech scene. Local-born AI and datacentre player IREN has just signed a deal worth nearly US$10 billion with Microsoft. Yes, billion with a “b.”

The five-year agreement means IREN will be providing Microsoft with access to a massive stack of NVIDIA GB300 graphics chips — the kind of hardware that powers modern AI models and cloud systems. Think of it as IREN renting out serious computing horsepower so Microsoft can keep up with the global AI arms race.

The GPUs will be rolled out in stages through 2026 at IREN’s enormous Texas datacentre campus, which can handle enough power to light up a small city. To make it all work, IREN’s also doing a US$5.8 billion deal with Dell to get the gear in place — everything from the chips themselves to the high-speed networks and cooling systems that keep them from melting down.

Microsoft’s kicking in a 20% prepayment, which is a nice cash boost, and IREN says it’ll cover the rest of the costs through existing funds, customer payments and financing.

IREN’s co-founder Daniel Roberts called the partnership a milestone, saying it proves the company’s AI cloud setup can stand alongside the biggest players in the world. Over at Microsoft, Jonathan Tinter said IREN’s mix of renewable energy, datacentre control and sheer scale made them a “strategic partner.” Translation: this is the real deal.

Investors certainly think so — IREN’s stock (NASDAQ: IREN) jumped hard after the news broke. And I imagine it's set to go even higher in the coming days if recent billion-dollar data deals are anything to go by (but what do I know, do your own research).

What makes this especially interesting is the timing. Around the world, AI and cloud deals are getting bigger by the week. Microsoft, Google, Amazon, Oracle — they’re all throwing billions into GPUs and data centres just to keep up. And it’s nice, for once, to see an Aussie outfit in the middle of the action, not watching from the sidelines.