Microsoft approves Horizon 1 in IREN's $9.7B data center plan
Business
IREN saw its stock rise 3.8% to $45.73 after Microsoft approved its first AI data center, Horizon 1.
This move is part of a $9.7 billion plan to launch four similarly sized installations by 2026, aiming to boost AI and cloud services.
IREN's AI-cloud $4B goal needs approvals
IREN wants to grow its AI-cloud revenue from $134.5 million to more than $4 billion by the end of 2026, and has already secured most of that through contracts.
But hitting these targets depends on getting the next three Horizon sites approved and running smoothly.
The company's next earnings report is expected to report its next earnings results on August 27.
Watch for updates, especially since most current income still comes from Bitcoin mining, not AI yet.