IREN Outpaces CoreWeave on Revenue Efficiency, Delivers First Microsoft AI Data Center

IREN Leads AI Infrastructure Efficiency Rankings

IREN Limited has emerged as the leader among AI infrastructure providers in contracted revenue per megawatt, generating an estimated $40 million per megawatt according to The Futurum Group's new Neocloud Efficiency Ledger1

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. This positions IREN ahead of Galaxy Digital at roughly $29 million and CoreWeave at approximately $28 million1

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. The metric divides total contracted revenue over the life of customer agreements by contracted AI and high-performance computing capacity, offering a way to compare how effectively AI infrastructure providers convert scarce power resources into long-term commercial commitments.

Daniel Newman, CEO of The Futurum Group, highlighted the findings, noting that IREN leads the Neocloud and HPC provider rankings1

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. While CoreWeave reports a $104 billion backlog, one of the largest in the industry, the two metrics measure different aspects: CoreWeave reflects absolute scale, while the Neocloud Efficiency Ledger focuses on revenue generated relative to contracted AI capacity1

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Microsoft Accepts First AI Cloud Deployment Under $9.7 Billion Deal

IREN delivered Horizon 1, the first of four planned 50-megawatt IT-load AI cloud deployments for Microsoft at its Childress, Texas campus2

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. The deployment uses direct-to-chip liquid cooling and is part of a five-year, $9.7 billion cloud services contract announced in November 20252

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. Microsoft's acceptance means the company has completed contractual testing against agreed criteria within a five-day window, allowing IREN to begin invoicing Microsoft monthly3

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Daniel Roberts, Co-Founder and Co-CEO of IREN, stated that delivering Horizon 1 demonstrates the strength of the company's vertically integrated model and its ability to execute complex AI infrastructure projects at speed and scale4

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. The rapid delivery reflects the agility of IREN's vertically integrated model, which provides end-to-end control across design, engineering and construction of the data centers supporting its GPU deployments5

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. More than 3,000 people across the site team contributed to the milestone4

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Nvidia Grants Exemplar Cloud Status on GB300 NVL72

Nvidia separately granted Horizon 1 Exemplar Cloud status after testing the systems3

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. IREN's Exemplar Cloud status was achieved following Nvidia's testing of its Nvidia GB300 NVL72 deployment at Horizon 14

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. The designation demonstrates IREN's ability to support demanding AI workloads with performance, reliability and scale5

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. The recognition highlights IREN's capability to handle high-performance AI workloads at enterprise scale.

Power Capacity Emerges as Critical AI Infrastructure Asset

The Futurum Group estimates IREN has access to approximately 5 gigawatts of total power capacity while only about 350 megawatts are currently contracted for AI workloads, leaving a substantial portion available for future commercialization1

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. The ledger estimates IREN's contracted revenue backlog at roughly $14 billion, supported by major agreements that include Microsoft and Nvidia1

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. Power has increasingly become the industry's limiting resource, with securing land, substations and grid access taking years, making available megawatts one of the most valuable assets AI cloud providers own1

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Bitcoin Miner Transforms Into AI Infrastructure Provider

IREN listed on the Nasdaq in 2021 describing itself as a Bitcoin miner, and the company reported $511.5 million in Bitcoin mining revenue over the nine months through March, against $58.3 million from AI cloud3

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. Management now targets more than $4 billion in AI cloud annualized run-rate revenue by year-end, with roughly 85% already under contract3

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. The Microsoft contract is expected to generate roughly $1.94 billion in annualized revenue once all four Horizons are running3

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Market Response and Expansion Plans

IREN stock rose 6% following the announcement, trading about 20% above its 20-day simple moving average of $38.792

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. The company continues to target expansion to 480 megawatt AI cloud capacity in 2026 and 1.2 gigawatt AI cloud capacity in 20274

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. IREN carries a Buy consensus rating with an average price forecast of $79.67, with H.C. Wainwright maintaining a Buy rating and raising its price forecast to $902

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. However, famed short-seller Jim Chanos has questioned the economics, warning that IREN is taking all the risk in what he describes as a financing deal3

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. The company plans to deliver Horizons 2-4 later this year4

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