IREN owns the substations at Childress, which is unusual: the 576-acre freehold connects directly to ERCOT rather than through a distribution utility, on 750 MW of grid capacity raised from 600 MW in July 2024 through connection-agreement amendments with AEP and ERCOT-approved network studies. About 450 MW was energised by March 2025. The campus began as bitcoin self-mining and now carries the whole of IREN's Microsoft contract - roughly $9.7 billion over five years, signed in November 2025 with a 20 percent customer prepayment, covering 200 MW of critical IT load across four 50 MW liquid-cooled buildings named Horizon 1 to 4. Horizon 1 was delivered to and accepted by Microsoft on 13 August 2026; it cost $300 to $350 million, is direct-to-chip liquid cooled at up to 200 kW to the rack, and holds more than 19,000 NVIDIA GB300s. Two physically diverse fibre paths reach the property, and Horizons 2 to 4 are due through the rest of 2026.
750 MW, raised from 600 MW on 24 July 2024 through connection agreement amendments with AEP and ERCOT-approved network studies. About 450 MW was energised as of March 2025.
Who is the anchor customer?
Microsoft, under an AI cloud contract of roughly $9.7 billion over five years signed in November 2025 with a 20 percent prepayment, covering 200 MW of critical IT load across the four Horizon buildings. IREN's associated equipment purchase from Dell runs to about $5.8 billion.
What has been delivered so far?
Horizon 1, a 50 MW IT-load building, was handed to Microsoft on 13 August 2026 and holds more than 19,000 NVIDIA GB300s. Horizons 2 to 4 follow through the rest of 2026.
What is Childress's grid interconnection?
Directly to ERCOT through substations IREN owns on the site, with two physically diverse fibre routes into the property. The land is 576 acres held freehold.
Which third-party attestation does the site carry?
NVIDIA Exemplar Cloud status on the GB300 NVL72 platform, awarded on 13 August 2026 after NVIDIA tested at Horizon 1. That validates the deployed platform rather than the building, and no Uptime Institute, ISO or SOC award has been published for Childress.
Which company runs the campus?
IREN Limited, listed on Nasdaq as IREN. The company traded as Iris Energy before rebranding.
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