Nvidia to Invest Up to $2.1 Billion in IREN as Part of AI Data Center Partnership

Nvidia announced a strategic partnership with data center operator IREN that includes the right to invest up to $2.1 billion through a five-year option to purchase 30 million IREN shares at $70 per share, subject to regulatory approvals. The partnership aims to deploy up to 5 gigawatts of Nvidia DSX-aligned AI infrastructure across IREN's global data center pipeline, with focus on IREN's 2-gigawatt Sweetwater campus in Texas. IREN shares rose 9% in extended trading from a $56.85 close before giving back most gains. The deal comes as major US technology companies plan to exceed $700 billion in combined capital expenditure this year to meet surging AI computing demand.

Nvidia's $2.1 Billion Investment Agreement with IREN

• ▪The Nvidia investment in IREN remains subject to certain conditions, including regulatory approvals.
• ▪IREN stock had closed the regular trading session at $56.85.
• ▪Nvidia will gain the right to invest up to $2.1 billion in IREN through a five-year option to purchase up to 30 million shares of IREN stock at an exercise price of $70 per share.
• ▪Shares of IREN rose around 9% in extended trading following the partnership announcement with Nvidia.

AI Infrastructure Deployment and Partnership Scope

• ▪IREN signed a $9.7 billion cloud agreement with Microsoft last year.
• ▪Combined capital expenditure by major US technology companies is expected to exceed $700 billion this year.
• ▪The Nvidia and IREN partnership is expected to support the deployment of up to 5 gigawatts of Nvidia DSX-aligned AI infrastructure across IREN's global data center pipeline over time.

Strategic Focus on IREN's Texas Sweetwater Campus

• ▪Future deployments under the Nvidia and IREN partnership are expected to focus on IREN's 2-gigawatt Sweetwater campus in Texas.

Perspective of IREN

• ▪The Nvidia investment provides IREN with potential access to up to $2.1 billion in capital to fund data center expansion.

Perspective of Technology industry investors

• ▪The $70 per share exercise price for Nvidia's IREN stock option represents a 23% premium to IREN's closing price of $56.85.

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