IREN Delivers Horizon 1 to Microsoft, Achieves NVIDIA Exemplar Cloud Status
IREN has more than doubled off its 52-week low of $17.22.
Summary
IREN delivered and Microsoft accepted Horizon 1, the first 50MW AI cloud deployment under a $9.7 billion contract, and IREN achieved NVIDIA Exemplar Cloud status on GB300 NVL72.
Key Events · Product Development and Regulatory · IREN
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Horizon 1 Delivered and Accepted
Microsoft accepted Horizon 1, the first of four 50MW direct-to-chip liquid-cooled AI Cloud deployments at IREN's Childress, Texas campus under a five-year, $9.7 billion cloud services contract announced November 2025.
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NVIDIA Exemplar Cloud Status Achieved
IREN achieved NVIDIA Exemplar Cloud status on NVIDIA GB300 NVL72 following NVIDIA's testing of the Horizon 1 deployment, demonstrating performance, reliability, and scale for demanding AI workloads.
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Capacity Expansion Targets Reaffirmed
IREN continues to target 480MW (gross) AI Cloud capacity in 2026 and 1.2GW (gross) in 2027, with Horizons 2-4 scheduled for delivery to Microsoft later this year.
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Execution Milestone De-risks Revenue Ramp
This first delivery validates IREN's vertically integrated model and supports the recently raised 2026 ARR target of over $4 billion, with 85% now under contract.
Analysis · IREN · Crypto Assets
IREN has delivered and Microsoft has accepted Horizon 1, the first of four 50MW liquid-cooled AI cloud deployments under a five-year, $9.7 billion contract. This is the first concrete execution milestone on that contract, validating IREN's vertically integrated build model and its ability to deliver at speed and scale. Achieving NVIDIA Exemplar Cloud status on GB300 NVL72 independently confirms the deployment meets NVIDIA's performance and reliability standards for demanding AI workloads. The company reaffirms its 2026 target of 480MW gross AI Cloud capacity and 2027 target of 1.2GW, with Horizons 2-4 still scheduled for delivery later this year. This milestone de-risks the revenue ramp and supports the recently raised $4 billion ARR target.
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At the time of this filing, IREN was trading at $45.96 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $15.6B. The 52-week trading range was $17.22 to $76.87. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.