IREN has delivered its first AI cloud deployment to Microsoft as part of a $9.7 billion contract. IREN, a company transitioning from a Bitcoin miner to an AI infrastructure provider, has delivered the first of four planned "Horizon" AI cloud deployments to Microsoft under a five-year, $9.7 billion contract. Horizon 1 is a 50 MW direct-to-chip liquid-cooled deployment, with the remaining three deployments expected to be delivered later this year. IREN aims to achieve 480 MW of AI cloud capacity by 2026 and 1.2 GW by 2027, continuing its transition away from Bitcoin mining operations.