IREN Shares Soar as Microsoft Approves Initial Horizon AI Facility

IREN's shares climbed further on Thursday after Microsoft approved its initial Horizon AI facility in Texas. The 50MW facility, known as Horizon 1, is a crucial part of IREN's planned 480MW capacity goal for 2026.

The approval clears one major construction and testing obstacle in the $9.7 billion contract between IREN and Microsoft. However, it does not address the significant delivery test, which remains a key risk factor for investors.

IREN's stock price rose 4.9% to $45.80 in premarket trading on Thursday, following a 9.9% advance on Wednesday. This brings the stock's two-day climb to approximately 15.2% from Tuesday's close.