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IREN starts Horizon 1 AI cloud deployment for Microsoft under $9.7B deal

Horizon 1 is a 50-megawatt direct-to-chip deployment at IREN's Childress, Texas campus, and the four phases will total 200 megawatts of IT capacity with Nvidia GB300 GPUs.

Reported · Written up by our desk · Market Structure

IREN has delivered the first phase of its planned Horizon AI cloud deployments to Microsoft under a five-year, $9.7 billion contract, The Block reports. Horizon 1 is a 50-megawatt direct-to-chip, liquid-cooled setup at IREN's Childress, Texas campus.

The remaining Horizon 2 through 4 deployments are expected to be delivered later this year. Together, the four phases are slated to total 200 megawatts of IT capacity and involve Nvidia GB300 GPUs.

IREN said Horizon 1 received Nvidia's Exemplar Cloud status, recognizing providers that meet Nvidia performance and reliability standards for AI workloads. The company also said it signed the cloud service agreement with Microsoft in November 2025.

IREN is targeting 480 megawatts of AI cloud capacity in 2026 and 1.2 gigawatts by 2027 as it pivots away from bitcoin mining. The Block adds that the company previously secured a $3.65 billion debt package backed by the Microsoft contract to fund GPU spending, and that IREN shares were up 2.6% to $45.22 on Monday afternoon after reaching $46.50 earlier in the day.

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