IREN

From powered sites to an AI cloud

IREN supplies GPU clusters and the data-center infrastructure that supports AI training and inference. Its platform combines site development, power connections, cooling and compute operations, rather than only leasing an empty building. [3]

IREN entered its Microsoft agreement on November 2, 2025. The filing describes approximately $9.7 billion of services through 2031, delivered in tranches over an average five-year term. Each tranche has a 20 percent prepayment before delivery, credited against later service fees. This is a contractual service value, rather than an immediate cash receipt. [1]

A separate agreement signed that day committed IREN to buy about $5.8 billion of GPUs, equipment and related services from Dell. The public announcement followed on November 3 and described a planned 200 MW of critical IT load across four Childress facilities. [1][2]

On August 13, 2026, IREN reported that Microsoft had accepted Horizon 1, the first 50 MW IT deployment. That provides a concrete delivered stage within the larger program; it does not establish that all four phases or IREN's wider capacity targets were already operational. [3]