Iren (IREN) has entered a $1.6 billion purchase agreement with Dell (DELL) for air-cooled Blackwell systems, the company said late Tuesday.

The agreement covers GPUs, servers, storage, networking equipment, integration services and warranties, the company said, adding that it plans to deploy the systems at its Childress, Texas, campus, with commissioning targeted for early 2027.

The deployment is expected to increase annualized run-rate revenue to $4.4 billion from $3.7 billion upon commissioning, the company said.

Shares of Iren rose more than 3% in Wednesday premarket trading, while Dell was up over 2%.