Who IREN buys from and sells to
Former bitcoin miner now renting NVIDIA GPU capacity from its own Texas and Canadian campuses.
Buys from 3
- DellDELLGB300 GPU servers, ~$5.8B order for the Microsoft build
- NVIDIANVDAthe GPUs inside those servers
- ERCOT gridpower for the Childress and Sweetwater campuses
Sells to 3
- MicrosoftMSFTGB300 GPU capacity at Childress Horizon 1-4$9.7B five-year contract (Nov 2025)
- AI cloud customermanaged GPU services, $3.4B contract
- Bitcoin networkblock rewards from remaining mining fleet
Where the chain could break
- Microsoft contract is most of backlog; Horizon 2-4 delivery due Q4 2026
- GPU fleet bought from one OEM (Dell) on one chip family
Competes with
- NebiusNBISdedicated GPU capacity for hyperscalers
- CoreWeaveCRWVthe same
- Cipher MiningCIFRminer-to-AI conversions in Texas
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.