Bitcoin Miner IREN’s First 50 MW Delivery to Microsoft: $9.7 Billion Deal Comes to Life

According to reports by The Block, IREN has taken a significant step in its transformation plan by completing the first AI cloud delivery under its $9.7 billion contract with Microsoft.

Transitioning from Bitcoin mining to AI infrastructure services, IREN delivered its first Horizon installation as part of the five-year agreement signed with Microsoft in November 2025. Located at the company’s Childress campus in Texas, Horizon 1 has a capacity of 50 megawatts.

The installation utilizes a direct-to-chip liquid cooling system and Nvidia’s GB300 NVL72 GPUs. According to IREN’s statement, following testing, Horizon 1 achieved Exemplar Cloud status, awarded by Nvidia to providers meeting its performance and reliability standards.

First delivery completed in IREN’s Microsoft deal

The four-phase project, which began with Horizon 1, will have a total capacity of 200 megawatts. While the remaining three installations are expected to be delivered within 2026, these phases will increase Microsoft’s cloud capacity for AI initiatives requiring high processing power.

As part of its growth plan, the company aims to reach 480 megawatts in 2026 and 1.2 gigawatts of AI cloud capacity in 2027. To support this investment, IREN secured a $3.65 billion debt package in June, backed by the Microsoft contract. The financing was assigned an A credit rating from Fitch and an A(low) from DBRS. The package covers 96 percent of the $5.81 billion GPU expenditure tied to the agreement.

Daniel Roberts, co-founder and co-CEO of IREN, stated that the delivery demonstrates the company’s vertically integrated model and its capacity to implement complex AI infrastructure projects rapidly and at scale. IREN shares rose 2.6 percent on Monday to $45.22, reaching a daily high of $46.50; the stock has gained less than 6 percent year-to-date.