External ReportingUpdated 하루 전

IREN Starts First Phase of $9.7 Billion Microsoft AI Deal, Accelerating Shift From Bitcoin Mining

IREN, which is expanding from Bitcoin mining into AI infrastructure, has completed the first AI cloud deployment under its $9.7 billion contract with Microsoft.

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$9.7BMicrosoft cloud services agreement

50 MWHorizon 1 build-out capacity

5 yearsMicrosoft contract duration

200 MWFull project IT capacity

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Why This Matters

A $9.7 billion Microsoft-backed AI infrastructure contract and IREN’s multibillion-dollar debt-funded GPU buildout represent a material institutional capital shift involving a major former bitcoin miner. The deployment signals how miners with power capacity and data-center assets could increasingly compete for AI/HPC demand, potentially changing infrastructure economics and financing risks across the mining sector.

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IREN said it has completed the first delivery under its $9.7 billion AI cloud services agreement with Microsoft.
IREN said it will build 200 megawatts of AI cloud infrastructure using Nvidia GB300 GPUs in phases, with the remaining capacity to be delivered sequentially within this year.
IREN said it is shifting its business focus from Bitcoin mining to AI and high-performance computing (HPC) infrastructure, and plans to expand AI cloud capacity to 1.2 gigawatts (GW) by 2027.

Forecast Trend Report by Period

IREN, which is expanding from Bitcoin mining into AI infrastructure, has completed the first AI cloud deployment under its $9.7 billion contract with Microsoft.

The Block reported on Aug. 17 that IREN completed the 50-megawatt Horizon 1 build-out at its data center in Childress, Texas, and began supplying capacity to Microsoft. It is the first delivery under the five-year, $9.7 billion cloud services agreement the companies signed in November 2025.

Under the contract, IREN will build AI cloud infrastructure in four phases, from Horizon 1 through Horizon 4. The full project will provide 200 megawatts of IT capacity and use Nvidia GB300 graphics processing units. Horizon 2 through Horizon 4 are scheduled to be delivered in stages within 2026.

Horizon 1 uses a liquid-cooling system that directly cools GPUs. IREN also said Horizon 1 has been designated an Nvidia Exemplar Cloud in recognition of its performance and reliability in handling AI workloads.

IREN is also increasing investment in AI infrastructure tied to the Microsoft contract. In June, it raised $3.65 billion in debt financing to fund GPU purchases and related spending. At the time, the company said the financing could cover about 96% of the total $5.81 billion GPU investment linked to the Microsoft agreement.

The company is rapidly shifting its focus from Bitcoin mining, once its core business, to AI and high-performance computing infrastructure. It plans to expand AI cloud capacity to 480 megawatts this year and to 1.2 gigawatts by 2027.

"Horizon 1 demonstrates the strength of our vertically integrated business model and our ability to deliver complex AI infrastructure projects quickly and at scale," Daniel Roberts, IREN's co-founder and co-chief executive officer, said.

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