SAVRN Research · Capital Atlas · NeoCloud and GPU cloud
IREN Data Center Capex and Sites
IREN signed an approximately $9.7 billion, five-year AI cloud agreement with Microsoft on November 3, 2025 with a 20% prepayment, expected to generate roughly $1.94 billion of annualized run-rate revenue once fully commissioned. It is deploying Nvidia GB300 systems in four Horizon 1-4 phases totaling 200MW of critical IT load at its 750MW campus in Childress, Texas, backed by a 3GW secured North American power portfolio and approximately $5.8 billion of GPU and equipment purchases from Dell. In its FY26 results of 27 August 2026 IREN reported $4 billion of contracted annualized run-rate revenue for 2026 capacity against $1 billion of operating ARR, a new multi-year AI Cloud contract with an unnamed leading frontier AI lab, and $2.8 billion of new GPU financings for non-investment-grade customer deployments alongside a $3.6 billion investment-grade GPU financing for the Microsoft contract. Total FY26 revenue was $707.0 million, of which AI Cloud Services contributed $128.8 million, against a net loss of $702.6 million driven by $638.8 million of non-cash impairments on decommissioned Bitcoin mining hardware.
IREN
IREN
NeoCloud and GPU cloud
Financing regimecustomer prepayment (20% from Microsoft) plus balance-sheet equipment purchases; supplemented by a $3.6 billion investment-grade GPU financing at 6.0% for the Microsoft contract and $2.8 billion of new GPU financings for non-investment-grade deployments, including $2.4 billion led by Blue Owl and PIMCO at a 9.0% fixed rate
Named sites
1
Site-level commitments the atlas ties to IREN
Disclosed site capital
n.a.
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
750 MW
Sum of named sites with a stated megawatt figure
Financing transactions
10
Transactions naming IREN or tied to one of its sites
Spending
Reported and guided spending
Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined.
| Period | Kind | Amount | As stated | Sources |
|---|---|---|---|---|
| announced Nov 2025 | reported | ~$5.8B | ~$5.8 billion of GPU and equipment purchases from Dell supporting the Microsoft deployment |
|
| FY26 (year ended 30 June 2026) | reported | $4.3B | $4,333.1 million of combined property, plant and equipment and computer hardware investing outflows for the year ended 30 June 2026 |
Named sites
Where IREN builds
| Site | State | Place | Capital | MW | Status | Sources |
|---|---|---|---|---|---|---|
Childress campus (Horizon 1-4) with Microsoft, Dell |
Texas | Childress | n.a. | 750 | construction |
Financing
Financing transactions
Transactions that name IREN as a party or attach to one of its named sites. Amounts are as stated; overlapping commitments are never summed.
| Parties | Instrument | Amount | Date | Site | Sources |
|---|---|---|---|---|---|
IREN + Microsoft AI cloud agreement deploying Nvidia GB300 systems in four Horizon 1-4 phases totaling 200MW of critical IT load at Childress, Texas. |
other | ~$9.7B | November 3, 2025 | Childress campus (Horizon 1-4) (TX) | |
IREN + Dell Equipment purchases backing the Microsoft deployment. |
other | ~$5.8B | announced with the Microsoft agreement, November 2025 | Childress campus (Horizon 1-4) (TX) | |
IREN Limited IREN issued $3.0 billion of 1.00% Convertible Senior Notes due 2033 on 14 May 2026 in a Rule 144A offering, including $400 million from the full exercise of the initial purchasers' option. Net proceeds were about $2.96 billion; $201.3 million funded capped call transactions (initial cap price $110.30 per share, a 100% premium to the $55.15 share price on 11 May 2026), and the remainder is for general corporate purposes and working capital. Corporate-level financing, not tied to one site. |
convertible | ~$3.0B | Priced 11 May 2026; closed 14 May 2026 (Form 8-K) | n.a. | |
IREN + Blue Owl + Pacific Investment Management Company LLC In its FY26 results release of 27 August 2026, IREN disclosed $2.8 billion of new GPU financings funding 90% of associated GPU capex for non-investment-grade customer deployments. The disclosed component is a $2.4 billion financing led by Blue Owl and Pacific Investment Management Company LLC at a 9.0% fixed rate for the Mackenzie air-cooled expansion in British Columbia; together with customer prepayments it provides funding in excess of GPU capex. Separately, a $3.6 billion investment-grade GPU financing at 6.0% supports the Microsoft contract and, with prepayments, funds 96% of associated GPU capex. Blue Owl's own announcement of 28 August 2026 describes the $2.4 billion component as an AI factory financing split into a $1.2 billion senior secured term loan and $1.2 billion of senior secured notes, both at 9%, maturing two and a half years after funding, structured to let IREN purchase Nvidia Blackwell Ultra GPUs in stages, supporting the Mackenzie campus in British Columbia. |
debt facility | $2.8B | Disclosed 27 August 2026 | n.a. | |
IREN + Undisclosed AI developers IREN reported $2.8 billion of new multi-year contracts with AI developers and raised its year-end 2026 AI Cloud annualized run-rate revenue target from $3.7 billion to over $4 billion. Customer prepayments cover approximately 45% of GPU capex on recent contracts. This is a customer contract total, distinct from the $2.8 billion GPU financing already recorded |
other | $2.8B | Announced 20 July 2026 | n.a. | |
IREN Limited IREN issued $1.15 billion of 0.25% convertible senior notes due 2032 and $1.15 billion of 1.00% convertible senior notes due 2033 on 8 December 2025, each including $150 million from full exercise of the initial purchasers' options, for net proceeds of about $2,270.0 million. It used $201.0 million for capped calls and, together with a concurrent registered direct offering of 39,699,102 ordinary shares at $41.12 per share, repurchased about $227.7 million principal of its 2030 convertibles for about $608.2 million and about $316.6 million principal of its 2029 convertibles for about $1,024.2 million, leaving $2,068.0 million for general corporate purposes and working capital. |
convertible | ~$2.3B | Priced 2 December 2025; closed 8 December 2025 (Form 8-K) | n.a. | |
IREN Limited IREN issued $1.0 billion of 0.00% Convertible Senior Notes due 2031 on 14 October 2025, including $125 million from the full exercise of the initial purchasers' option. Net proceeds were about $979.0 million; $56.7 million funded capped call transactions with Citibank, Santander, Mizuho and Wells Fargo, and the remainder is for general corporate purposes and working capital. Corporate-level financing, not tied to one site. |
convertible | ~$1.0B | Priced 8 October 2025; closed 14 October 2025 (Form 8-K) | n.a. | |
IREN + Mirantis IREN completed its acquisition of Mirantis, a cloud software company serving more than 1,500 enterprise customers, to add orchestration, monitoring and support software to its AI Cloud platform |
acquisition | ~$625M | Completed 4 August 2026 | n.a. | |
IREN Limited IREN priced $500 million of 3.50% convertible senior notes due 2029 on 11 June 2025 in a Rule 144A offering, upsized from $450 million, at a 30% conversion premium. Estimated net proceeds were about $486.1 million, of which $48.9 million funded capped calls (initial cap price $20.98 per share) and about $92.5 million a prepaid forward, with the remainder for general corporate purposes and working capital. Corporate-level financing, not tied to one site. |
convertible | ~$500M | Priced 11 June 2025 (company release on Form 6-K) | n.a. | |
IREN + Undisclosed frontier AI lab IREN disclosed a new multi-year AI Cloud contract with a leading frontier AI lab in its FY26 results release of 27 August 2026, alongside signings with Cohere, Prometheus, Perplexity, Figure AI, Fal AI and Higgsfield AI. The company reported $4 billion of contracted annualized run-rate revenue for 2026 capacity against $1 billion of operating ARR as at 26 August 2026, and described 2026 capacity as largely sold out. It also disclosed that recent three-year contracts were signed at more than $20 million of revenue per MW of IT capacity, representing an approximately two-year payback, with active discussions at approximately $25 million per MW, and that recent customer prepayments represent 45-55% of GPU capex. |
other | n.a. | Disclosed 27 August 2026 | n.a. |
The record
Sourced facts on IREN
- IREN holds a 3GW secured North American power portfolio backing its AI cloud buildout.
- Recent three-year contracts were signed at more than $20 million of revenue per MW of IT capacity, representing an approximately two-year payback, with active discussions at approximately $25 million per MW. Recent customer prepayments represent 45-55% of GPU capex.
- IREN targets cumulative delivery of approximately 0.3 GW-IT in 2026 and 0.8 GW-IT in 2027 across a data center pipeline it describes as exceeding 5 GW, with development progressing at Sweetwater (Texas), Kiowa (Oklahoma), Bundey (Australia) and Badajoz (Spain) and new liquid-cooled deployments planned at Mackenzie, Canal Flats and Prince George in 2027.
Sources
Sources for IREN
Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.
- iren.comIREN
- sec.govSEC EDGAR (IREN 8-K)
- sec.govIREN Form 8-K, 14 May 2026
- sec.govSEC EX-99.1 (IREN FY26 results)
- blueowl.comBlue Owl Capital
- prnewswire.comPR Newswire
- sec.govSEC EDGAR (IREN 8-K)
- theglobeandmail.comMarketBeat via The Globe and Mail
- sec.govIREN Form 8-K, 8 December 2025
- sec.govIREN Form 8-K, 14 October 2025
- sec.govSEC EDGAR (IREN 8-K)
- siliconangle.comSiliconANGLE
- sec.govIREN release (Form 6-K Exhibit 99.1), 11 June 2025
NeoCloud and GPU cloud: one page each
Applied Digital 5Bitdeer Technologies Group 2Cerebras Systems 6Cipher Digital Inc. 0Core Scientific 2CoreWeave 4Corvex, Inc. 0Crusoe Energy 5Fluidstack 2Galaxy Digital Inc. 1Groq 1Hut 8 Corp. 1IREN 1Lambda (Lambda Labs) 2Nebius Group 4Nscale 2Poolside 1SambaNova Systems 0Sesterce 3TeraWulf 1Together AI 0Voltage Park 6Vultr 1WhiteFiber, Inc. 2
The figure beside each provider is its count of named sites in the atlas.
Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
The SAVRN reference set
Seven references, one system
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Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
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ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
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