Home / Business and Economy / IREN Powers Up AI Cloud with $9B Capacity Surge
IREN Powers Up AI Cloud with $9B Capacity Surge
28 Aug
Summary
- IREN projects $4 billion in contracted ARR for 2026 capacity.
- Microsoft accepted Horizon 1 deployment, enabling AI cloud services.
- Company develops capacity across Texas, Spain, and Australia.
IREN anticipates ending fiscal 2026 with $4 billion in contracted annualized recurring revenue for its 2026 capacity. This includes $1 billion operating after Microsoft's acceptance of the Horizon 1 deployment. The company's strategy focuses on owning the complete infrastructure stack for its AI cloud services.
Existing customers like Together AI and Fireworks AI have renewed and expanded their agreements with IREN. The company is also pursuing new multicloud contracts with Cohere, Prometheus, Perplexity, Figure AI, Fal.ai, and Higgsfield AI, alongside an agreement with an unnamed frontier AI lab.
Horizon 1, a 50-megawatt liquid-cooled deployment in Childress, Texas, has been delivered to Microsoft. Progress is being made on Horizon 2, with Horizons 3 and 4 in late construction, all targeting December quarter delivery. IREN aims for approximately 300 megawatts of IT load in 2026 and 500 megawatts in 2027, expanding its global presence.
