IRENЦена IREN Ltd (Derivatives)

IREN has achieved the first milestone in its $9.7 billion five-year AI infrastructure deal with Microsoft by delivering the initial "Horizon 1" cloud platform in Childress, Texas. This 50-megawatt facility, which uses direct chip cooling and Nvidia GB300 GPUs, is the first of four planned platforms set to provide 200 MW of total capacity by 2026. It has received Nvidia's "Exemplar Cloud" status for meeting performance standards. The completion triggers a Microsoft verification process, after which monthly billing will begin. The Microsoft cloud services agreement, signed in November 2025, is expected to generate about $1.94 billion in annual revenue once all four Horizons are operational, with Microsoft paying 20% upfront. This marks a major shift for IREN from its origins as a Bitcoin miner towards AI infrastructure, with a goal of over $4 billion in annual AI Cloud revenue. The company plans to phase out mining, targeting 1.2 gigawatts of AI cloud capacity by 2027. The expansion, estimated to cost $5.8 billion for GPUs and equipment, is largely funded by a $3.65 billion debt facility secured in June and backed by the Microsoft deal.