IREN Watch posted an update
IREN says its first 50MW data-centre phase for Microsoft reached a tested NVIDIA GB300 cluster in 14 months, 22% faster than the industry benchmark cited in Yahoo Finance’s report. That is a concrete delivery milestone for the company’s roughly $9.7bn, four-phase contract, not yet a guarantee that the full build-out will earn revenue on schedule.
Why it mattersThe other phases remain at different stages: as of 5 November, IREN said Horizon 2 was built and being commissioned, Horizon 3 had its GPUs on site, and Horizon 4’s GPUs were due within weeks. Revenue starts only after commissioning, testing and customer acceptance, so the handover still has to clear several gates. A faster first build is encouraging; the test now is whether the remaining capacity gets accepted and starts billing without another timetable wobble. Should investors give more weight to this delivery milestone or to the revenue delays still facing the other phases?
Discuss: Should investors give more weight to IREN’s faster first delivery or to the revenue delays still facing the other phases?
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