IREN Completes Delivery of First Facility Under $9.7 Billion AI Contract with Microsoft, Plans Transition to AI Cloud Computing Power

According to Cryptopolitan, IREN has completed the first milestone of its $9.7 billion contract with Microsoft, officially delivering the 50 MW Horizon 1 facility located in Childress, Texas. The facility is equipped with Nvidia GB300 systems and liquid cooling technology and has received Nvidia's Exemplar Cloud certification. Microsoft will complete GPU acceptance within five days, after which IREN will initiate monthly billing. Once all four Horizon facilities are operational, the projected annualized revenue is approximately $1.94 billion. IREN plans to complete a 200 MW deployment by 2026 and expand AI cloud computing power to 1.2 GW by 2027, exiting the Bitcoin mining business. The annual AI cloud revenue run rate target exceeds $4 billion.