NVIDIA (NASDAQ: NVDA) and IREN Limited (NASDAQ: IREN) said on May 7, 2026 they had signed a strategic partnership to deploy up to 5 gigawatts of DSX-aligned AI infrastructure across IREN’s global data center pipeline, one of the largest single-name AI capacity commitments announced this year.
Inside The Deal
The agreement combines NVIDIA’s DSX AI factory architecture with IREN’s power, land and operations footprint to build new AI factories aimed at AI-native, startup and enterprise customers. Future deployments will be anchored by IREN’s 2-gigawatt Sweetwater campus in West Texas, with additional sites in Spain and Australia in the pipeline.
As part of the partnership, IREN issued NVIDIA a five-year warrant to buy up to 30 million IREN ordinary shares at $70 per share, equivalent to a right to invest up to $2.1 billion. Separately, IREN signed a five-year managed GPU cloud services contract with NVIDIA valued at roughly $3.4 billion, per industry analysts.
Why It Matters
The deal cements NVIDIA’s strategy of taking equity-linked positions in the operators that physically build out its AI factories, mirroring its earlier partnerships across data center, power and networking suppliers. “AI factories are becoming foundational infrastructure for the global economy,” said NVIDIA founder and CEO Jensen Huang. IREN co-CEO Daniel Roberts said the tie-up should accelerate deployments and expand access to compute globally.
Sweetwater And Beyond
IREN’s Sweetwater campus is positioned as a flagship DSX deployment, with power, cooling and grid-connection work already underway. The 5 gigawatts of headline capacity, if fully built, would put IREN within reach of the largest hyperscalers in installed AI compute. Read our coverage of EdgeCore’s $1.5B Virginia hyperscale financing and the Pentagon’s AI deals with NVIDIA and seven other vendors for related context.
What To Watch
IREN said exercise of the NVIDIA warrant is subject to regulatory and other conditions. Investors will be watching how quickly the parties bring Sweetwater capacity online and whether the partnership is replicated with additional GPU operators in 2026.
Reporting based on coverage from NVIDIA, IREN, and Globe Newswire.