IREN Delivers First Phase of $9.7 Billion Microsoft Cloud Buildout

IREN has completed its first phase of a major cloud buildout for Microsoft under their $9.7 billion contract signed in November 2025. The company delivered Horizon 1, a 50-megawatt liquid-cooled AI cloud deployment at its Childress, Texas, campus. This marks the first of four planned Horizon AI cloud installations for Microsoft.

The full contract is valued at $9.7 billion and targets 200 megawatts of IT capacity using Nvidia GB300 GPUs. IREN plans to deliver the remaining three phases later this year, with a total of 1.2 gigawatts by 2027 as it shifts its focus from bitcoin mining to AI infrastructure.

The company secured a $3.65 billion debt package backed by the Microsoft contract, which covers 96% of its $5.81 billion GPU spending. IREN's co-founder and co-CEO Daniel Roberts said that this delivery shows the company's ability to execute complex AI infrastructure projects at speed and scale.