IREN's $9.7B Microsoft AI deal hits first major milestone

IREN completed the delivery of the first of four planned “Horizon” cloud deployments of artificial intelligence to Microsoft Corporation. With that, the first milestone of a five-year, $9.7 billion contract was completed, which underpins the transition of the former Bitcoin mining company into artificial intelligence infrastructure.

Horizon 1 is located at IREN’s Childress, Texas facility. It is reported to be a 50-megawatt facility with direct chip-level cooling and Nvidia GB300 systems. It is the first of four facilities of this type that the company plans to complete by 2026, and altogether the four facilities should provide a total of 200 megawatts of capacity.

Nvidia also awarded the facility its Exemplar Cloud status, a designation reserved for cloud providers who meet Nvidia’s performance and reliability standards for artificial intelligence workloads. “Delivering Horizon 1 underscores the power of our vertically integrated business model and our ability to deliver on complex AI infrastructure projects with speed and scale,” said Daniel Roberts, co-founder and co-CEO of IREN, in a statement.

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