IREN Completes First Phase of $9.7B Microsoft AI Deal

IREN has completed the first milestone of its $9.7 billion contract with Microsoft Corporation to develop AI infrastructure, marking a significant shift for the former Bitcoin mining company.

The first phase, known as Horizon 1, is a 50-megawatt facility located at IREN's Childress, Texas facility, equipped with Nvidia GB300 systems and direct chip-level cooling. The facility has been awarded Exemplar Cloud status by Nvidia, recognizing its performance and reliability standards for AI workloads.

According to Daniel Roberts, co-founder and co-CEO of IREN, 'Delivering Horizon 1 underscores the power of our vertically integrated business model and our ability to deliver on complex AI infrastructure projects with speed and scale.'

The completion of this milestone marks a significant step towards IREN's goal of reaching annualized run-rate AI Cloud revenue in excess of $4 billion by the end of the year, with over 85% of revenue contracted.