Data center profile · Childress County, Texas (620 FM 1033, outside Childress city limits)

IREN Childress

IREN's 750 MW grid-connected campus in Childress County, Texas, converting to AI: Horizon 1 (50 MW of IT capacity) accepted by Microsoft Aug. 2026.

Operating, converting to AI. Horizon 1 of four planned Microsoft buildings was accepted in Aug. 2026; Horizons 2 to 4 due in late 2026, with grace periods into Q2 2027. IREN exits bitcoin mining by Dec. 31, 2026; no air permit on record.
IREN Childress Campus, Satellite image, July 14, 2025
750 MW
gross campus capacity, company figure
not a count of AI load; includes the bitcoin-mining halls
200 MW
AI IT capacity for Microsoft, Horizons 1 to 4
four 50 MW liquid-cooled buildings; Horizon 1 accepted Aug. 2026
60 MW
NVIDIA AI cloud, existing air-cooled halls
$3.4B five-year contract; ramp targeted from early 2027
$9.7B
Microsoft contract value through 2031
20% prepaid per tranche; backed by a $3.6B financing
OperatorIREN Limited (owner and operator)
CustomerMicrosoft (Horizons 1 to 4); NVIDIA (existing air-cooled halls)
Planned IT capacity600 MW at full build-out (our estimate from the company's 750 MW campus power figure)
First building in serviceIn service since Aug. 2026 (about 50 MW of IT capacity live)
Next deadlineEnd of 2026: IREN's target to substantially finish leaving bitcoin mining; Horizons 2 to 4 are due for Microsoft in Q4 2026 (grace to Q2 2027)
From orbit

The site from above

Satellite overview1
Satellite image, July 14, 2025. Pin: IREN Childress Campus.
From orbit

IREN Childress Campus

Satellite views of the same ground on Aug. 23, 2020 and July 14, 2025. Drag to compare. What we count on the July 14, 2025 image:

after
before
◀ Satellite image, Aug. 23, 2020Satellite image, July 14, 2025 ▶
Power

Power and the grid

750 MW energized

Grid: AEP Texas connection (utility load)Energized for mining since Apr. 2023 (press)
750 MW
amended from 600 MW in July 2024 after ERCOT network studies (press); the campus is a gross 750 MW in IREN's 10-K News report · July 2024
Energized now
Loads on record (power demand, not supply)
Not used, not on record, or dropped

Getting on the grid

Who supplies what, what it costs, and what is still not public.

  1. Jan. 21, 2022
    600 MW connection agreement
    IREN's subsidiary signs a binding 600 MW connection agreement with AEP Texas and pays a $19M deposit and fee (press). News report · Oct. 2026
  2. April 2023
    First power
    The 600 MW substation is energized and the first mining hall runs the same month (press). News report · Oct. 2026
  3. July 24, 2024
    Raised to 750 MW
    ERCOT approves network studies and an amended AEP agreement lifts secured capacity by 150 MW (press). see Permits
  4. Aug. 27, 2026
    Regulatory risk flagged
    IREN's 10-K names the Texas Governor's audit of data centers in ERCOT's queue and new large-load rules as risks. SEC filing · Oct. 2026
Queue positions on record
  1. July 24, 2024
    ERCOT queue position
    750 MW, ERCOT network studies approved Company · July 2024

Grid upgrades

What the grid is building for this load: the asset, its cost, who pays and when it is due to be energized. An upgrade may serve a later phase, not the first building.

What is next door

campus0.10 km · 345 kV+ line3.56 km · 345 kV+ substationcampus0.10 km · 345 kV+ line3.56 km · 345 kV+ substation

Distances from mapped lines and plants. OpenStreetMap · Oct. 2026

Permits

Permits checklist

3 granted · 2 checked, nothing on file

What the county, the grid operator and the state environmental agency have on record.

Risks

What could slow it down

Money

Money on record

$9.7B
Microsoft contract through 2031
five-year average term; 20% prepaid before each tranche SEC filing · Oct. 2026
$3.6B
senior secured GPU financing, May 2026
$1.5B loan plus $2.1B notes; $413M loan funded and $525M of notes issued by June 30, 2026 SEC filing · Oct. 2026
$5.8B
Dell purchase of GPUs and equipment (press)
Microsoft prepayment helps fund it News report · Oct. 2026
$3.4B
NVIDIA cloud contract, May 2026
five years; within 60 MW of existing halls SEC filing · Aug. 2026
$1,250/MW
yearly payment in lieu of taxes to the county
plus $50,000 a year for schools, for 10 years Local government · Oct. 2026
SOFR + 2.25%
price of the GPU loan; the notes pay 5.96% fixed
May 2026 financing terms, 10-K SEC filing · Oct. 2026
$197.5M
capital investment assumed in the 2022 county tax abatement
Local government · Oct. 2026
Timeline

What happened, and what is due

SitePaper trailConstructionPowerPermitsMoneyLegalUpcoming
  1. Jan. 21, 2022
    Power IREN's subsidiary signs a 600 MW connection agreement with AEP Texas (press). News report · Oct. 2026
  2. Feb. 14, 2022
    Permits Childress County creates the reinvestment zone and approves a 10-year tax abatement. Local government · Oct. 2026
  3. April 2023
    Power The 600 MW substation is energized and the first mining hall runs (press). News report · Oct. 2026
  4. July 24, 2024
    Power Grid connection raised to 750 MW after ERCOT network studies (press). News report · Oct. 2026
  5. Nov. 2, 2025
    Money Microsoft contract signed: $9.7B for GPU services at Horizons 1 to 4 (200 MW of IT capacity). SEC filing · Oct. 2026
  6. May 7, 2026
    Construction IREN's 2027 build list adds Horizons 5 and 6 and more air-cooled conversion at Childress. SEC filing · Oct. 2026
  7. May 2026
    Money NVIDIA signs a $3.4B, five-year contract for air-cooled capacity within 60 MW of existing halls. SEC filing · Aug. 2026
  8. May 2026
    Money IREN closes a $3.6B senior secured financing tied to the Microsoft deliveries. SEC filing · Oct. 2026
  9. Aug. 27, 2026
    Construction IREN reports Horizon 1 delivered to and accepted by Microsoft in Aug. 2026. SEC filing · Aug. 2026
  10. End of 2026
    Site IREN's target to substantially finish leaving bitcoin mining. SEC filing · Aug. 2026
  11. April 2027
    Construction Latest delivery date for Horizons 2 to 4 under contract grace periods (beginning of Q2 2027). SEC filing · Aug. 2026
Construction activity

Building activity by quarter

Since Aug. 2020: 1 OSHA inspection; 3 satellite captures. The chart starts in the first quarter of 2021; 1 earlier record is not drawn.

OSHA visits
Satellite
’21
’22
’23
’24
’25
’26
Dot size: records in the quarter, largest = 1. Two-digit years mark each first quarter.
The buildings

Specs

576 acres
freehold site owned by IREN
Company · Oct. 2026
4 x 50 MW
Horizon 1 to 4 direct-to-chip liquid-cooled buildings (IT capacity)
SEC filing · Oct. 2026
Horizons 5 and 6
in development, inside IREN's 1,210 MW company-wide 2027 build list
SEC filing · Oct. 2026
100 MW minimum
capacity the abatement requires the facility to reach
Local government · Oct. 2026
Who is involved

Owners, partners and builders

Owners and operator
  • IREN Limited (Nasdaq: IREN, formerly Iris Energy): developer, owner and parent guarantor
  • IE US Development Holdings 3: owns the site and runs the Horizon buildings
  • IE US Hardware 1 to 4: hold the GPUs for Horizons 1 to 4
Customers
  • Microsoft: Horizons 1 to 4
  • NVIDIA: air-cooled halls, 60 MW
Counterparties
  • AEP Texas: transmission and connection agreement
  • ERCOT: network studies
  • Dell Technologies: GPU supplier (press)
  • Childress County and Clarendon College: tax abatement
Builders on site
  • Blue Sage Services LLC: contractor on site per OSHA inspection 348005596; 1 OSHA inspection
Still unknown

Open questions

Where this comes from

200 records from 33 documents

Drawn from news reports, public and commercial datasets, securities filings, state agency records, local government records, company statements and satellite captures, each kept with its date and source. The bar shows documents by type.

News report 12Dataset 8SEC filing 6State agency 5Local government 2Company 2Satellite 1
Evidence

Every quote behind this page

Grade key: A = the primary record itself (permit, filing, exhibit) · B = a dated official statement · C = news reporting. Map distances are our own measurements on OpenStreetMap and carry no grade. Allegations in lawsuits are marked as such in the quotes.

Power (37)
  • On-site generation: not stated
    “IREN's platform is underpinned by its expansive portfolio of grid-connected land and power in renewable-rich regions”
    SEC filing · Oct. 2026 · grade A
  • Buildings: Horizon 1-4 (new direct-to-chip liquid-cooled, 4 x 50 MW IT) plus legacy air-cooled mining halls (built as Phases 1-6, 2023-2025); Horizons 5-6 in development
    “2027 expansion to 1,210MW in build: Childress Horizons 5-6; Childress air-cooled capacity; Sweetwater 1 initial phase”
    SEC filing · Oct. 2026 · grade A
  • IREN's 2027 build list names Childress Horizons 5-6 and Childress air-cooled capacity (inside a 1,210 MW company-wide build figure that also includes Sweetwater 1)
    “2027 expansion to 1,210MW in build: Childress Horizons 5-6; Childress air-cooled capacity; Sweetwater 1 initial phase”
    SEC filing · Oct. 2026 · grade A
  • Stated campus size: 750 MW
    “As of June 30, 2026 our announced data center projects and their total planned power capacity (gross MW) were as follows: Childress, Texas, United States 750MW”
    SEC filing · Aug. 2026 · grade A
  • Grid upgrade due to be energized by: Oct. 3, 2028
    “Salvare: Install New 345 kV Feed. Install 2nd POI for IRIS Data center.”
    Dataset · July 2026 · grade A
  • transmission upgrade (TPIT): Planned
    “Salvare: Install New 345 kV Feed. Install 2nd POI for IRIS Data center.”
    Dataset · July 2026 · grade A
  • Operator model: vertically integrated owner-operator (owns land, substations, buildings and GPU fleet)
    “IREN is a vertically integrated AI Cloud provider, delivering large-scale data centers and GPU clusters for AI training and inference”
    SEC filing · May 2026 · grade A
  • IT capacity: 60 MW
    “$3.4bn AI Cloud contract with NVIDIA; 5-year contract for air-cooled Blackwell GPUs; Deploying within 60MW of existing data centers at Childress”
    SEC filing · May 2026 · grade A
  • IT capacity: 200 MW
    “The GPUs are expected to be deployed in phases through 2026 at IREN's 750MW Childress, Texas campus, in conjunction with the delivery of new liquid-cooled data centers that will collectively support 200MW of critical IT load (Horizon 1–4)”
    SEC filing · Nov. 2025 · grade A
  • IT capacity: 200 MW
    “The GPUs are expected to be deployed in phases through 2026 at IREN's 750MW Childress, Texas campus, in conjunction with the delivery of new liquid-cooled data centers that will collectively support 200MW of critical IT load (Horizon 1-4)”
    SEC filing · Nov. 2025 · grade A
  • Nearest power line of 345 kV or more: 0.1 km
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • Nearest substation of 345 kV or more: 3.56 km
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • Nearest gas pipeline: none within 16km
    Measured on OpenStreetMap map data.
    OpenStreetMap · Oct. 2026
  • Registry status: No TCEQ permit record names IREN or Iris Energy at Childress: TCEQ Permit Search Portal keyword searches for "IREN" returned 0 and for "Iris Energy" returned only an unrelated rural water corporation rec
    “PSP keyword "IREN": total=0”
    State agency · Oct. 2026 · grade B
  • Site corridor: Registry footprint of Childress is concentrated in the US-287 corridor south/southeast of the town (PSP keyword "Childress" returns 58 records: City of Childress facilities, Childress Regional Medical Cent
    “ECHO CWA/Air pulls at the county centroid returned 0 rows”
    State agency · Oct. 2026 · grade B
  • Name: IREN Childress Campus
    “Childress, Texas, United States 750MW (site table of announced data center projects)”
    SEC filing · Oct. 2026 · grade B
  • Construction stage: operating (legacy air-cooled mining halls in service, winding down) with AI conversion delivering (Horizon 1 accepted Aug 2026; Horizons 2-4 completing through 2026)
    “we commenced decommissioning Bitcoin mining hardware and reallocating power and data center capacity toward AI Cloud Services, and aim to substantially complete the transition by December 31, 2026”
    SEC filing · Oct. 2026 · grade B
  • Bitcoin mining status: winding down: decommissioning of mining hardware commenced in FY26; company aims to substantially complete the transition by Dec 31, 2026
    “During the year ended June 30, 2026, we commenced decommissioning Bitcoin mining hardware and reallocating power and data center capacity toward AI Cloud Services”
    SEC filing · Oct. 2026 · grade B
  • Installed Bitcoin mining capacity (portfolio-wide) fell to 23.2 EH/s, representing approximately 380 MW of data center capacity, at June 30, 2026, as decommissioning proceeded; Childress is the principal US mining site b
    “As of June 30, 2026, our installed Bitcoin mining capacity was approximately 23.2 EH/s, representing approximately 380MW of data center capacity”
    SEC filing · Oct. 2026 · grade B
  • FY26 asset impairments of $638.8M relate primarily to Bitcoin mining hardware retirement and to retrofitting air-cooled data centers in Childress and British Columbia, including development of Horizons 5 and 6 at Childre
    “the Group's plan to retrofit its air-cooled data centers in Childress and British Columbia as well development of additional direct-to-chip liquid and air cooling data centers at the Childress campus (Horizons 5 and 6)”
    SEC filing · Oct. 2026 · grade B
  • Stated campus size: 750 MW
    “our announced data center projects and their total planned power capacity (gross MW) were as follows: Childress, Texas, United States 750MW”
    SEC filing · June 2026 · grade B
  • Utility service: 750 MW
    “The Company is pleased to announce it has secured an additional 150MW of immediately available power capacity at its Childress site.”
    Company · July 2024 · grade B
  • Interconnection status: ERCOT: energized and operating; 750 MW grid-connected capacity secured under the AEP connection agreement; Microsoft Horizon 1 building accepted Aug 2026 (tree)
    “This increase follows the approval of network studies by ERCOT and execution of an amended connection agreement with AEP.”
    Company · July 2024 · grade B
  • large load interconnection request: ERCOT network studies approved; amended connection agreement with AEP executed; site capacity increased from 600 MW to 750 MW
    “This increase follows the approval of network studies by ERCOT and execution of an amended connection agreement with AEP.”
    Company · July 2024 · grade B
  • Construction stage: operating and expanding - mining/data center campus operating; Horizon 1 (50 MW IT) delivered to and accepted by Microsoft in 2026 with Horizons 2-4 delivering through 2026; operations building under
    “Horizon 1 is the first of four 50MW (IT load) direct-to-chip liquid-cooled buildings scheduled for delivery to Microsoft at the Childress campus this year.”
    News report · Oct. 2026 · grade C
  • Acres: 576 acres
    “At full build-out, Childress is set to offer 750MW across 576 acres”
    News report · Oct. 2026 · grade C
  • grid interconnection: approved
    “This increase follows the approval of network studies by ERCOT and execution of an amended connection agreement with AEP”
    News report · Oct. 2026 · grade C
  • Peak installed self-mining capacity was 50 EH/s at the end of FY25, when management paused further mining expansion to reallocate power to AI data centers (secondary compilation of IREN disclosures)
    “FY25 ended at 50 EH/s installed self-mining capacity, at which point management paused further mining build-out”
    News report · Oct. 2026 · grade C
  • Design work advancing for potential conversion of the entire Childress campus to liquid-cooled AI deployments, beyond the Horizon 1-4 blocks
    “Design work advancing for potential conversion of entire campus to liquid-cooled AI deployments; Childress (750MW): Accelerating construction of Horizon 1-4 (200MW critical IT load) liquid-cooled data centers for Microsoft”
    News report · Oct. 2026 · grade C
  • Company-wide: $4bn contracted ARR for 2026 capacity and $1bn operating ARR after Horizon 1 acceptance; recent customer prepayments equal 45-55% of GPU capex; recent 3-year contracts price above $20m revenue per MW of IT
    “$4bn Contracted ARR for 2026 Capacity; $1bn Operating ARR Today; Recent 3-year contracts >$20m revenue per MW (IT)”
    News report · Oct. 2026 · grade C
  • IT capacity: 200 MW
    “the delivery of new liquid-cooled data centers that will collectively support 200MW of critical IT load (Horizon 1-4)”
    News report · Nov. 2025 · grade C
  • Utility: AEP Texas
    “This increase follows the approval of network studies by ERCOT and execution of an amended connection agreement with AEP.”
    News report · July 2024 · grade C
  • Utility service: 750 MW
    “it has secured an additional 150MW of immediately available power capacity at its Childress site. This increase follows the approval of network studies by ERCOT and execution of an amended connection agreement with AEP”
    News report · July 2024 · grade C
  • Original target date: April 2023
    “600MW Childress substation nearing energization (March 2023 monthly investor update headline)”
    News report · April 2023 · grade C
  • Land control: owned freehold, 100% owned by IREN subsidiary
    “300 acre freehold site (100% owned), with direct grid access located in the renewables heavy Panhandle region of Texas, USA”
    News report · Feb. 2022 · grade C
  • Power plan: grid (AEP Texas 345 kV connection, ERCOT West hub); no on-site generation
    “The agreement with AEP Texas is to connect into a 345kV transmission line running directly through the freehold site”
    News report · Feb. 2022 · grade C
  • Utility: AEP Texas Inc. (subsidiary of American Electric Power)
    “a wholly owned subsidiary has executed a binding connection agreement with AEP Texas Inc. (AEP Texas, a subsidiary of AEP) for a new 600MW specialized data center site”
    News report · Feb. 2022 · grade C
Money and contracts (55)
  • County: Childress County, TX (FIPS 48075)
    “This Tax Abatement Agreement is made and entered into by and between Childress County, Texas (the County)”
    Local government · Oct. 2026 · grade A
  • Incentives: Childress County Chapter 312: 100% abatement of county taxes on Eligible Property for 10 years; PILOT $1,250 per MW of Data Center Capacity per year; Education Program Payments $50,000 per year; parallel Clar
    “the Abatement percentage of value of Eligible Property to be abated each year is 100%”
    Local government · Oct. 2026 · grade A
  • cloud services agreement (GPU): scope 3400000000 USD total contract value
    “$3.4bn AI Cloud contract with NVIDIA; 5-year contract for air-cooled Blackwell GPUs; Deploying within 60MW of existing data centers at Childress; Targeting ramp from early 2027”
    SEC filing · Oct. 2026 · grade A
  • tax abatement (Chapter 312): scope
    “Tax Abatement Agreement between Childress County, Texas IE US Development Holdings 3 Inc., IE US Hardware 1 Inc, IE US Hardware 2 Inc, IE US Hardware 3 Inc and IE US Hardware 4 Inc”
    Local government · Oct. 2026 · grade A
  • tax abatement (Chapter 312): abatement rate 100 % of county taxes on Eligible Property value
    “ending upon the conclusion of ten (10) full Calendar Years thereafter, the Abatement percentage of value of Eligible Property to be abated each year is 100%”
    Local government · Oct. 2026 · grade A
  • tax abatement (Chapter 312): condition minimum capacity 100 MW AC minimum Data Center Capacity
    “Owner agrees that its data center facility on the Site in the Reinvestment Zone will have a minimum Data Center Capacity of no less than one hundred (100) megawatts (AC)”
    Local government · Oct. 2026 · grade A
  • tax abatement (Chapter 312): estimated investment 197500000 USD estimated capital investment at maximum capacity
    “if built to its maximum capacity, the data center facility will require an estimated capital investment of approximately one hundred ninety-seven million five hundred thousand dollars ($197,500,000.00)”
    Local government · Oct. 2026 · grade A
  • tax abatement (Chapter 312): deadline Dec. 31, 2023
    “Owner agrees that the Project shall achieve Commercial Operations on or before December 31, 2023”
    Local government · Oct. 2026 · grade A
  • tax abatement (Chapter 312): pilot 1250 USD per MW of Data Center Capacity per year, 10 payments
    “an annual Payment in Lieu of Taxes to the County... in an amount equal to One thousand two hundred fifty dollars ($1,250.00) multiplied by the total Data Center Capacity included in the Certificate”
    Local government · Oct. 2026 · grade A
  • tax abatement (Chapter 312): education payments 50000 USD per year, 10 payments
    “an annual Education Program Payment (EPPs) to the County in the amount of fifty thousand dollars ($50,000.00)... County agrees to distribute the EPPs to the independent school districts and community colleges serving County residents”
    Local government · Oct. 2026 · grade A
  • tax abatement (Chapter 312): retention term 20 calendar years after COD (Improvements excluding computer servers and electric transformers must substantially remain in place)
    “Owner agrees that the Improvements (excluding computer servers and electric transformers) described in Section III, once constructed, will substantially remain in place until at least twenty (20) Calendar Years after COD (the Term)”
    Local government · Oct. 2026 · grade A
  • tax abatement (Chapter 312): recapture removal of more than 10% of Improvements: liquidated damages equal all taxes that would have been paid on the removed Improvements without abatement, with interest and without penal
    “THE SOLE REMEDY OF THE COUNTY, AND OWNER'S SOLE LIABILITY, WILL BE FOR OWNER TO PAY TO THE COUNTY THE FULL AMOUNT OF ACTUAL TAXES ABATED AT ANY TIME UNDER THIS AGREEMENT ON THE REMOVED IMPROVEMENTS WITH INTEREST”
    Local government · Oct. 2026 · grade A
  • tax abatement (Chapter 312): default termination County may cancel for material breach after written notice; 60-day cure (commence within 30 days if not curable in 60); on cancellation County recaptures property tax reve
    “the County shall be entitled to cancel this Agreement and recapture property tax revenue lost as a result of this Agreement, less any PILOTs paid by Owner to the County”
    Local government · Oct. 2026 · grade A
  • tax abatement (Chapter 312): jobs economic representations 10 new full-time-equivalent jobs minimum; also at least $500,000 added to the tax roll and a commercially reasonable effort toward at least $1,000,000 positive n
    “the Project will (i) add at least Five Hundred Thousand Dollars ($500,000.00) to the tax roll of Eligible Property, (ii) create no less than ten (10) new, full-time equivalent jobs”
    Local government · Oct. 2026 · grade A
  • tax abatement (Chapter 312): assignment to an Affiliate allowed without County consent (notice plus formal assignment document); assignment to a non-Affiliate requires County prior written consent, not to be u
    “The rights and responsibilities of any one of the entities comprising the Owner hereunder may be assigned in their entirety to an Affiliate without County's prior consent”
    Local government · Oct. 2026 · grade A
  • tax abatement (Chapter 312): compliance annual compliance certification to the County Judge on or before March 31 each year; County inspection access on 48 hours notice
    “Owner shall, on or before March 31 of each Calendar Year... certify annually to the County its compliance with this Agreement”
    Local government · Oct. 2026 · grade A
  • tax abatement (Chapter 312) - amended and restated: existence Amended and Restated agreements for Phases 2 and 3 (County and Clarendon College versions) and further amendments are posted on the county tax-abatement page;
    “30 Day Notice Amended and Restated Agreement with Iris Energy (October 14, 2024); US IE Hardware- Amended and Restated Phase 2 (County); US IE Hardware- Amended and Restated Phase 3 (Clarendon College)”
    Local government · Oct. 2026 · grade A
  • Tenant: Microsoft
    “On November 2, 2025, we entered into the Microsoft Agreement, pursuant to which we will provide Microsoft Corporation with dedicated GPU services at “Horizon” data center facilities located in Childress, Texas over a five-year average term”
    SEC filing · Aug. 2026 · grade A
  • Tenant status: signed
    “On November 2, 2025, we entered into the Microsoft Agreement, pursuant to which we will provide Microsoft Corporation with dedicated GPU services at "Horizon" data center facilities located in Childress, Texas over a five-year average term”
    SEC filing · Aug. 2026 · grade A
  • Tenants: Microsoft
    “On November 2, 2025, we entered into the Microsoft Agreement, pursuant to which we will provide Microsoft Corporation with dedicated GPU services at "Horizon" data center facilities located in Childress, Texas over a five-year average term”
    SEC filing · Aug. 2026 · grade A
  • Hosting agreement: execution
    “On November 2, 2025, we entered into the Microsoft Agreement, pursuant to which we will provide Microsoft Corporation with dedicated GPU services at "Horizon" data center facilities located in Childress, Texas over a five-year average term”
    SEC filing · Aug. 2026 · grade A
  • phase delivery: delivery 150 MW IT capacity (Horizons 2-4 combined; targeted, grace periods to early Q2 2027)
    “Horizon 2-4 is targeted for delivery in phases in calendar Q4 2026, with grace periods under the Microsoft Agreement for delivery extending from mid-Q4 2026 to the beginning of Q2 2027.”
    SEC filing · Aug. 2026 · grade A
  • GPU services: contract value 3400000000 USD total contract value (five-year term)
    “In May 2026, we entered into a five-year cloud services contract with NVIDIA to support its internal AI and research workloads representing approximately $3.4 billion of total contract value.”
    SEC filing · Aug. 2026 · grade A
  • phase delivery: delivery 50 MW IT capacity (Horizon 1; delivered and accepted)
    “IREN Limited (NASDAQ: IREN) (“IREN”) today announced that Horizon 1 has been delivered to and accepted by Microsoft, and that IREN has achieved NVIDIA Exemplar Cloud status on NVIDIA GB300 NVL72.”
    SEC filing · Aug. 2026 · grade A
  • phase delivery: delivery 50 MW IT capacity per Horizon facility (four facilities, Horizon 1-4)
    “Horizon 1 is the first of four 50MW (IT load) direct-to-chip liquid cooled AI Cloud deployments scheduled for delivery to Microsoft at IREN's Childress, Texas campus in 2026 under a five-year, $9.7bn cloud services contract announced in November 2025.”
    SEC filing · Aug. 2026 · grade A
  • GPU services: capacity 60 MW air-cooled capacity (Blackwell GPUs)
    “We now have $3.1 billion of ARR under contract, including approximately $700 million of ARR associated with a $3.4 billion five-year contract for Blackwell GPUs to be deployed across 60 megawatts of air-cooled capacity at Childress for NVIDIA.”
    SEC filing · May 2026 · grade A
  • Tenants: NVIDIA Corporation (GPU cloud services customer, existing air-cooled halls)
    “In May 2026, we entered into a five-year cloud services contract with NVIDIA”
    SEC filing · May 2026 · grade A
  • Hosting agreement: capacity 200 MW critical IT
    “The GPUs are expected to be deployed in phases through 2026 at IREN's 750MW Childress, Texas campus, in conjunction with the delivery of new liquid-cooled data centers that will collectively support 200MW of critical IT load (Horizon 1-4)”
    SEC filing · Nov. 2025 · grade A
  • Hosting agreement: term 5 years
    “IREN will provide Microsoft with access to NVIDIA GB300 GPUs over a five-year term, with a total contract value of approximately $9.7 billion, including a 20% prepayment”
    SEC filing · Nov. 2025 · grade A
  • Hosting agreement: contract value 9700000000 USD
    “IREN will provide Microsoft with access to NVIDIA GB300 GPUs over a five-year term, with a total contract value of approximately $9.7 billion, including a 20% prepayment”
    SEC filing · Nov. 2025 · grade A
  • Hosting agreement: prepayment 20 %
    “IREN will provide Microsoft with access to NVIDIA GB300 GPUs over a five-year term, with a total contract value of approximately $9.7 billion, including a 20% prepayment”
    SEC filing · Nov. 2025 · grade A
  • Hosting agreement: delivery 200 MW critical IT
    “The GPUs are expected to be deployed in phases through 2026 at IREN's 750MW Childress, Texas campus, in conjunction with the delivery of new liquid-cooled data centers that will collectively support 200MW of critical IT load (Horizon 1-4)”
    SEC filing · Nov. 2025 · grade A
  • Microsoft GPU cloud services contract for Horizon 1-4 at Childress (approx. $9.7B, five-year term, 200 MW critical IT capacity), signed Nov 2, 2025
    “IREN will provide Microsoft with access to NVIDIA GB300 GPUs over a five-year term, with a total contract value of approximately $9.7 billion, including a 20% prepayment”
    SEC filing · Nov. 2025 · grade A
  • Tenant status: Microsoft: Horizon 1 delivered and accepted Aug 2026; Horizon 2 commissioning; Horizons 3-4 targeted for delivery in phases in calendar Q4 2026, contractual grace periods to beginning of Q2 2027
    “Horizon 1 was delivered to, and accepted by, Microsoft in August 2026. Horizon 2-4 is targeted for delivery in phases in calendar Q4 2026”
    SEC filing · Oct. 2026 · grade B
  • Stage: operating and converting; contracted AI load is real and partially delivered, not a paper campus
    “Horizon 1 was delivered to, and accepted by, Microsoft in August 2026”
    SEC filing · Oct. 2026 · grade B
  • Financing: $3.6bn senior secured GPU Financing (May 2026) through IE US Hardware 3, LLC supports the Microsoft contract; Microsoft pays 20% prepayment per tranche
    “the Company, through its indirect wholly-owned financing subsidiary IE US Hardware 3, LLC, entered into an approximately $3.6 billion senior secured financing program (the GPU Financing)”
    SEC filing · Oct. 2026 · grade B
  • cloud services agreement (GPU): scope
    “we will provide Microsoft Corporation with dedicated GPU services at Horizon data center facilities located in Childress, Texas; The GPU services will be made available in four tranches (Horizon 1, Horizon 2, Horizon 3 and Horizon 4)”
    SEC filing · Oct. 2026 · grade B
  • cloud services agreement (GPU): value 9700000000 USD total contract value through 2031
    “The total contract value is approximately $9.7 billion through 2031”
    SEC filing · Oct. 2026 · grade B
  • cloud services agreement (GPU): term
    “dedicated GPU services at Horizon data center facilities located in Childress, Texas over a five-year average term”
    SEC filing · Oct. 2026 · grade B
  • cloud services agreement (GPU): prepayment 20 % of contract value per tranche
    “20% of the contract value for each tranche to be paid prior to the applicable delivery date and credited against the service fees due and payable after the 24th calendar month”
    SEC filing · Oct. 2026 · grade B
  • cloud services agreement (GPU): delivery schedule
    “grace periods under the Microsoft Agreement for delivery extending from mid-Q4 of calendar 2026 to the beginning of Q2 of calendar 2027”
    SEC filing · Oct. 2026 · grade B
  • cloud services agreement (GPU): condition sla failure to satisfy delivery schedules or service-level requirements may result in reduced or delayed payments, service credits, damages, or termination rights (10-K, general
    “Failure to satisfy delivery schedules or ongoing service-level requirements may also result in significant payments under relevant customer contracts being reduced or delayed, expose us to service credits, damages or other liability, or give rise to termination rights”
    SEC filing · Oct. 2026 · grade B
  • cloud services agreement (GPU): term 5 years
    “In May 2026, we entered into a five-year cloud services contract with NVIDIA to support its internal AI and research workloads representing approximately $3.4 billion of total contract value”
    SEC filing · Oct. 2026 · grade B
  • senior secured financing (GPU Financing): scope 3600000000 USD approx. total program
    “an approximately $3.6 billion senior secured financing program (the GPU Financing) comprising an approximately $1.5 billion senior secured delayed draw term loan (the DDTL Facility) and $2.1 billion of senior secured notes (the USPP Senior Notes)”
    SEC filing · Oct. 2026 · grade B
  • senior secured financing (GPU Financing): pricing DDTL: 1-month SOFR + 2.25%; USPP Senior Notes: 5.96% fixed
    “Borrowings under the DDTL Facility bear interest at a floating rate equal to 1-month SOFR plus 2.25% per annum... The USPP Senior Notes bear interest at a fixed rate of 5.96% per annum”
    SEC filing · Oct. 2026 · grade B
  • senior secured financing (GPU Financing): conditions precedent DDTL drawn in four tranches aligned to Microsoft Agreement delivery milestones, subject to specified conditions precedent; at Jun 30, 2026 $413M DDTL funded
    “The DDTL Facility is drawn in four tranches aligned to the delivery milestones under the Microsoft Agreement, subject to satisfaction of specified conditions precedent”
    SEC filing · Oct. 2026 · grade B
  • senior secured financing (GPU Financing): termination guarantee if Microsoft validly terminates a funded tranche and no replacement qualified customer is secured during the remarketing period, Parent guarantees that tran
    “If Microsoft validly terminates a funded tranche of the Microsoft Agreement and a replacement qualified customer is not secured during the ensuing remarketing period, the Parent has guaranteed that (i) the debt and notes allocated to that tranche”
    SEC filing · Oct. 2026 · grade B
  • In August 2026 IREN signed a multiyear cloud services contract with an unnamed leading frontier AI lab; no site is disclosed, so it is NOT recorded as a Childress tenant (press speculation naming Anthropic is unconfirmed
    “In August 2026, we entered into a multiyear cloud services contract with a leading frontier AI lab”
    SEC filing · Oct. 2026 · grade B
  • Tenants: Microsoft Corporation (GPU cloud services customer, Horizon 1-4)
    “we will provide Microsoft Corporation with dedicated GPU services at Horizon data center facilities located in Childress, Texas over a five-year average term”
    SEC filing · Nov. 2025 · grade B
  • cloud services agreement (GPU): scope mw 200 MW
    “new liquid-cooled data centers that will collectively support 200MW of critical IT load (Horizon 1-4); NVIDIA GB300 GPUs supplied via Dell Technologies”
    News report · Oct. 2026 · grade C
  • cloud services agreement (GPU): termination Microsoft may terminate if IREN fails to meet delivery timelines (per Reuters report of the agreement); the agreement itself is not public, so notice periods and cure terms are
    “Cash from Microsoft's prepayment will help finance part of its $5.8 billion Dell deal, IREN said in a filing. Its Microsoft contract could be terminated if it fails to meet the delivery timelines”
    News report · Oct. 2026 · grade C
  • equipment purchase agreement: scope value 5800000000 USD
    “IREN has also entered into an agreement with Dell Technologies to purchase the GPUs and ancillary equipment for approximately $5.8 billion”
    News report · Oct. 2026 · grade C
  • grid connection agreement: scope 600 MW
    “600MW binding connection agreement executed with AEP Texas and $19m security deposit and connection fee paid; connect into a 345kV transmission line running directly through the site”
    News report · Oct. 2026 · grade C
  • grid connection agreement: consideration 19000000 USD security deposit and connection fee
    “US$19m Security Deposit and Connection Fee Paid, Procurement and Construction Activities Underway”
    News report · Oct. 2026 · grade C
  • grid connection agreement (amended): scope amendment 750 MW total (was 600)
    “secured an additional 150MW of immediately available power capacity at its Childress site. This increase follows the approval of network studies by ERCOT and execution of an amended connection agreement with AEP”
    News report · Oct. 2026 · grade C
Permits and government (7)
  • reinvestment zone designation (Chapter 312): adopted
    “Attached is the Reinvestment Zone created by resolution dated February 14, 2022, duly passed by the County Commissioners Court and referred to as the Iris Energy Reinvestment Zone”
    Local government · Oct. 2026 · grade A
  • Childress County Commissioners Court: Public hearing and resolution designating the Iris Energy Reinvestment Zone; approval of Chapter 312 tax abatement agreement with IE US entities
    “WHEREAS, on February 14, 2022, a hearing before the County Commissioners Court was held”
    Local government · Oct. 2026 · grade A
  • Childress County Commissioners Court: 30-day notices for Amended and Restated tax abatement agreements with Iris Energy / IE US Development Holdings 3 Inc. and IE US Hardware 1-4 Inc (County and Clarendon College version
    “30 day Notice Amended and Restated Tax Abatement - IE US Development Holdings 3 Inc. IE US Hardware 1-4 Inc”
    Local government · Oct. 2026 · grade A
  • air permit: none found
    “IREN's platform is underpinned by its expansive portfolio of grid-connected land and power”
    SEC filing · Oct. 2026 · grade B
  • Texas Governor-ordered comprehensive verification and audit of all data centers advancing through ERCOT's interconnection process, plus ERCOT amendments to the large-load interconnection process, are named risk factors i
    “as a result of ERCOT's announced amendments to the approval process for large load interconnection requests and the comprehensive verification and audit of all data centers advancing through ERCOT's interconnection process ordered by the Governor of Texas”
    SEC filing · Oct. 2026 · grade B
  • grid connection energization: energized
    “600MW Childress substation nearing energization (March 2023 update); substation energized and first hall operating April 2023 per company updates”
    News report · Oct. 2026 · grade C
  • Texas House Committee on State Affairs: Hearing on data-center water use; Lancium CEO testified on Childress-area water; IREN's Childress campus referenced in coverage as the closed-loop precedent (IREN itself did not te
    “Lancium's CEO made his Childress water remarks at the April 9, 2026 House State Affairs hearing described above”
    News report · Oct. 2026 · grade C
Site and other (9)
  • Delivery status: Horizon 1 delivered and accepted by Microsoft (Aug 2026)
    “Horizon 1 was delivered to, and accepted by, Microsoft in August 2026”
    SEC filing · Aug. 2026 · grade A
  • Mining transition: Bitcoin mining wind-down targeted substantially complete by Dec 31, 2026
    “we aim to substantially complete this transition from Bitcoin mining by December 31, 2026”
    SEC filing · Aug. 2026 · grade A
  • Horizon 1 delivered to and accepted by Microsoft in August 2026 (FY2026 10-K)
    “Horizon 1 was delivered to, and accepted by, Microsoft in August 2026”
    SEC filing · Aug. 2026 · grade A
  • Site acres: 576 acres
    “Childress TX, USA. Located on a 576-acre freehold site, the facility boasts dual, physically diverse fiber paths”
    Company · Oct. 2026 · grade B
  • Address: 620 FM 1033, Childress, TX 79201
    “the data centre facility with address 620 FM 1033, Childress TX 79201 USA and encompassing the blocks known as Horizon 1, Horizon 2, Horizon 3 and Horizon 4”
    SEC filing · Oct. 2026 · grade B
  • Current target date: Horizon 1 accepted Aug. 2026; Horizons 2-4 delivery targeted Q4 2026
    “Horizon 1 was delivered to, and accepted by, Microsoft in August 2026”
    SEC filing · Oct. 2026 · grade B
  • Developer: IREN Limited (NASDAQ: IREN), formerly Iris Energy Limited
    “Formerly known as Iris Energy, Iren is in the midst of a pivot away from cryptomining towards its AI cloud business”
    News report · Oct. 2026 · grade C
  • Water use stated: closed-loop liquid cooling for Horizon buildings; water mainly for initial fill per company description
    “IREN describes its newer Childress AI facility as using a closed-loop cooling system that needs water mainly for an initial fill rather than continuous use”
    News report · Oct. 2026 · grade C
  • Greenbelt Lake (Childress water supply) stood at roughly 6% of conservation capacity in late June 2026; the county data-center fight centers on Lancium's separate campus, with IREN's closed-loop design cited as the local
    “Greenbelt Lake really is near 6% full, the IREN and Lancium projects are real, and the county really did create a tax-favored reinvestment zone for Lancium”
    News report · Oct. 2026 · grade C

Imagery and records: Satellite imagery: Maxar via Esri World Imagery Wayback.