IREN has completed the first phase of its $9.7 billion, five-year contract with Microsoft, delivering a 50-megawatt AI cloud facility in Childress, Texas. The deployment, called Horizon 1, is the first of four phases aiming to deliver 200 MW of total AI cloud capacity. Microsoft has formally accepted the deployment, allowing IREN to earn revenue on the facility.
AI Infrastructure Expansion
IREN's approach is vertically integrated, handling site development, power procurement, and data center construction internally. The company is targeting 480 MW of gross AI cloud capacity by the end of 2026 and 1.2 gigawatts by 2027.
Technology and Partnerships
The facility uses direct-to-chip liquid cooling and runs on NVIDIA's GB300 GPUs, with IREN earning NVIDIA Exemplar Cloud status for its GB300 NVL72 platform. The $9.7 billion Microsoft contract includes a 20% prepayment from Microsoft covering dedicated NVIDIA GPU capacity. IREN has disclosed a pipeline of additional multi-year AI agreements potentially valued at $2.8 billion.