IREN says it has delivered Horizon 1, the first of four 50MW AI blocks, to Microsoft

In a release dated 13 August 2026, IREN said Horizon 1 has been delivered to and accepted by Microsoft. It is the first of four 50MW (IT load) direct-to-chip liquid cooled AI Cloud deployments scheduled for delivery to Microsoft at IREN's Childress, Texas campus in 2026, under a five-year, $9.7 billion cloud services contract announced in November 2025. IREN also said it achieved NVIDIA Exemplar Cloud status and continues to target 480MW (gross) of AI Cloud capacity in 2026 and 1.2GW (gross) in 2027. The release gives no start date or figure for revenue from Horizon 1. We file this because it is a delivered block of AI computing capacity, in IREN's own words. How we read it: IREN has moved from a signed contract to working capacity for a named customer, and three more blocks are due this year. What would change this: delays on Horizons 2-4. Why it matters to you: it shows whether the new AI cloud builders can deliver capacity on time, which sets how fast AI computing supply grows.