Iren Delivers Horizon 1 Data Center to Microsoft, One of Four 50-Megawatt Sites in Landmark Deal

3-line summary

• Iren announced that its Horizon 1 data center project is operational and has been delivered to tenant Microsoft, one of four 50-megawatt sites under a deal struck last year, according to a report via Yahoo Finance.
• The Horizon 1 deal is expected to generate roughly $500 million in annual recurring revenue for the next five years; Iren CEO Dan Roberts said the company is working to deliver Horizon sites 2, 3 and 4 later this year, which combined would produce $1.94 billion annually over five years before a 20% prepayment adjustment.
• Iren has 5.8 gigawatts of total capacity under development and said in July it had signed $2.8 billion in new customer contracts; the company is targeting 480 megawatts of gross AI cloud capacity by the end of this year.

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