IREN said its first 50-megawatt liquid-cooled Microsoft deployment at Childress, Texas, has been delivered, while the next three Horizon deployments advance and the company targets approximately 0.8 gigawatts of cumulative IT capacity by 2027.

Published by Allstream Insiders

Allstream Insiders Summary

IREN is advancing a global AI data-center buildout that the company targets to reach approximately 0.3 gigawatts of cumulative IT capacity in 2026 and 0.8 gigawatts in 2027.

In its fiscal-year 2026 results, IREN said it had delivered Horizon 1, the first of four 50-megawatt IT liquid-cooled GPU deployments for Microsoft at Childress, Texas. The company said Horizon 2 was in commissioning and Horizons 3 and 4 were in late-stage construction, with delivery targeted in the fourth quarter of 2026.

IREN also reported planned liquid-cooled deployments at Mackenzie, Canal Flats and Prince George during 2027, alongside development activity at Sweetwater, Texas; Kiowa, Oklahoma; Bundey, Australia; and Badajoz, Spain.

The company described a data-center development pipeline exceeding 5 gigawatts. IREN’s reported capacity figures are targets for IT capacity and should not be read as completed capacity or as total grid-connected power at each site.

What is the status of IREN’s Childress, Texas, Horizon deployments?

IREN said Horizon 1 has been delivered to Microsoft at its Childress site, while the remaining three 50-megawatt IT liquid-cooled deployments are at later stages of commissioning or construction.

IREN said Horizon 1 had achieved NVIDIA Exemplar Cloud status on GB300 NVL72.

Where is IREN planning additional AI data-center capacity?

IREN identified expansion activity across North America, Australia and Europe, with additional liquid-cooled deployments planned at three existing Canadian sites during 2027.

What AI data-center capacity is IREN targeting?

IREN’s reported target is approximately 0.3 gigawatts of cumulative IT capacity in 2026 and approximately 0.8 gigawatts in 2027. These are company targets for delivered IT capacity, not a measure of total electrical interconnection capacity across its development portfolio.

IREN said its 2026 capacity was largely sold out and that it was in late-stage discussions with prospective customers for a significant portion of 2027 capacity. Those commercial discussions and the company’s capacity targets remain forward-looking statements.

How is IREN linking financing to its AI-cloud deployment program?

IREN reported $3.6 billion of investment-grade GPU financing for its Microsoft contract and new $2.8 billion GPU financings supporting non-investment-grade customer deployments. The company said the Microsoft financing, together with customer prepayments, funds 96% of the associated GPU capital expenditure.

IREN also identified a $2.4 billion financing led by Blue Owl and Pacific Investment Management Company LLC, as adviser to certain investors, for the Mackenzie air-cooled expansion. IREN said that financing funds 90% of associated GPU capital expenditure.

Allstream analysis: What is the infrastructure significance?

IREN’s update provides a clear sequence of announced AI-data-center milestones: a delivered deployment in Childress, a second deployment in commissioning, two more in late-stage construction and a wider set of development sites across four countries. The named sites and capacity targets offer useful visibility into the company’s planned infrastructure footprint.

At the same time, the 2026 and 2027 capacity figures are company targets. IREN said the ramp in capacity and revenue is subject to commissioning, testing and customer acceptance following each data center’s delivery. The most decision-useful next disclosures will be site-level capacities, construction milestones, power arrangements and contractor awards as they are announced.