IREN Limited (NASDAQ:IREN) recently announced a mega-deal with Microsoft Corp. (NASDAQ:MSFT) and implied there could be more on the way.
Co-CEO Daniel Roberts, on the company's Q1 earnings call Thursday evening, teased that there are more interested parties.
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On IREN's Q1 earnings call, a Roth Capital analyst asked whether the size of the Microsoft deal—200 megawatts —was significant and whether they were interested in the rest of the Childress campus.
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Roberts replied that he is bound to some stringent confidentiality terms, but that there is definitely interest.
"There is appetite from a number of parties in discussing cloud and other structures well above the 200 megawatts that’s been signed with Microsoft," Roberts shared.
The co-CEO also provided some interesting color on the types of deals that may come in the future. He said that IREN would probably have a preference for other hyperscalers looking at co-location and infrastructure deals rather than cloud deals.
"I think different hyperscalers have different preferences. [We] entertain them all, but given the nature of the deal we did with a 20% prepayment funding a third of capex and a 35% plus equity IRR, we’re feeling pretty good about pursuing AI Cloud," Roberts added.
IREN should feel "pretty good" about the Microsoft deal — the five-year GPU cloud services contract carries a total contract value of approximately $9.7 billion, including a 20% prepayment.
In fact, IREN should feel pretty good about its pivot to AI.
The company blew Q1 estimates out of the water, reporting quarterly earnings of $1.08 per share, well above the consensus estimate of 14 cents.
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