Overview
- Microsoft formally accepted Horizon 1 on Thursday, marking delivery of a 50 MW liquid‑cooled deployment at IREN’s Childress, Texas campus and allowing IREN to begin monthly billing after Microsoft’s testing window.
- NVIDIA granted the Childress deployment 'Exemplar Cloud' status, validating the use of GB300 NVL72 GPUs and direct‑to‑chip liquid cooling for high‑density AI workloads.
- The acceptance kicks off the five‑year, roughly $9.7 billion agreement that is structured in four 50 MW phases and includes a 20% upfront prepayment to help fund buildout.
- Investors reacted positively with a multi‑day stock rally, and Wall Street analysts reiterated bullish views that IREN’s model could capture higher revenue per MW if compute supply stays tight.
- Key near‑term risks remain the on‑time delivery and acceptance of Horizons 2–4, large GPU and hardware rollouts under a reported ~$5.8 billion Dell supply pact, and power and commissioning challenges that will determine the broader revenue ramp.