Microsoft / IREN compute deal, November 2025

Announced 2025-11-03 · 200 MW · $9.7B · Approx. · 5 years

Approximately $9.7B over five years, with 20% prepayment. Horizon 1–4 support 200 MW of critical IT load within the 750 MW Childress campus; the full campus is not assigned to this contract.

Timing note: Phased through 2026

Reported delivery: Horizon 1 delivered. 50 MW. First 50 MW IT deployment delivered to Microsoft in August 2026; part of the 200 MW contract. Exact energization date undisclosed. Horizon 2 was commissioning; Horizon 3–4 targeted Q4 2026 delivery.