The latest version is optimised for IBM's S/390 Parallel Enterprise (G5 and G6) and Multiprise 3000 servers, but can also run on IBM's zSeries 900 servers.
Major features include the latest 2.4.9 Linux kernel; the GNU compiler collection 2.95.3; the GNU library version 2.2.4; the latest ext3 journaling file system and support for large files, including RAID software for combining direct access storage devices.
Also included is software support and professional consulting, integration, training and engineering services.
Pricing in the US starts at $20,000 (£14,000) per chip for a base version and $50,000 per chip for a premium version. All have a one-off $10,000 installation and set-up fee. The software is available now, according to Red Hat.
The latest version means that Red Hat now has Linux versions for everything from handheld devices to the largest enterprise mainframes. The company had earlier announced its delivery of open source software, services and support for IBM's entire eServer product line.
"With the release of Red Hat Linux for S/390, Red Hat is able to fully extend its reach from embedded to mainframe," said chief executive Matthew Szulik.
Red Hat released its first Linux e-commerce application suite in August.