Microsoft Approves First Phase of $9.7 Billion AI Cloud Deal with IREN Ltd

IREN Ltd's shares surged more than 6.5% after Microsoft formally accepted Horizon 1, the first of four AI cloud facilities being built under a $9.7 billion agreement.

The acceptance marks a critical milestone in IREN's transformation from a Bitcoin mining operation into a major AI infrastructure provider.

Horizon 1 delivers 50 megawatts of IT load capacity using direct-to-chip liquid cooling technology and houses Nvidia Corp's GB300 NVL72 systems, designed for large-scale AI training and inference workloads.