IREN Delivers First Phase of $9.7 Billion Microsoft Contract

Bitcoin miner-turned-AI infrastructure provider IREN has made significant strides in its pivot to high-performance computing, delivering the first of four planned 'Horizon' AI cloud deployments to Microsoft under a five-year, $9.7 billion contract.

The first deployment, Horizon 1, is a 50-megawatt direct-to-chip liquid-cooled installation at IREN's Childress, Texas campus, with the remaining three phases expected to be completed later this year. The total capacity of the four phases will reach 200 megawatts of IT capacity and feature Nvidia GB300 GPUs.

IREN co-founder and co-CEO Daniel Roberts stated that the successful delivery of Horizon 1 demonstrates the company's ability to execute complex AI infrastructure projects at speed and scale, citing its vertically integrated model as a key factor in this achievement.