Microsoft accepts first 50MW AI cloud deployment from IREN under $9.7B contract

IREN says Microsoft has accepted Horizon 1, the first of four 50MW AI cloud deployments under a 5-year, $9.7B contract. The site runs NVIDIA GB300 NVL72 systems and has received NVIDIA Exemplar Cloud status. Horizons 2–4 are due later this year. IREN targets 480MW of AI cloud capacity in 2026 and 1.2GW in 2027. 42 clean stories shaped this window, with sentiment neutral at 50/100. Also in focus: Fermi signs TensorWave lease for 222 MW, $6.5B revenue; Mizuho reiterates Outperform.