IREN Limited (NASDAQ:IREN) announced a significant partnership with Dell Technologies (NYSE:DELL) to acquire NVIDIA Corp. (NASDAQ:NVDA) Blackwell systems, as part of a broader strategy to enhance its AI cloud capabilities. The purchase agreement, valued at approximately $1.6 billion, will support IREN's previously announced $3.4 billion managed-services AI cloud contract. The deployment will occur at IREN's data centers in Childress, Texas, with commissioning anticipated in early 2027. This expansion is expected to increase IREN's annualized run-rate revenue from $3.7 billion to $4.4 billion, reflecting growth in GPU capacity and monetization of its AI cloud platform. Co-CEO Daniel Roberts highlighted the urgency of securing capacity to meet market demands. The agreement includes various hardware components and services, with payment structured on a post-shipment basis. Analysts have given IREN a Buy rating, with price targets ranging from $46.00 to $90.00, indicating positive market sentiment.