IREN’s Texas data center for Microsoft falls behind schedule

Network changes requested by Microsoft for newer AI models are slowing IREN's Childress buildout, putting later phases of a $9.7 billion deal under pressure IREN’s flagship Texas data center project is running late. The cause is one of its own customers. Microsoft asked for network changes to support newer AI models. That request has pushed the former Bitcoin miner’s Childress campus behind schedule. The stakes are large. The Childress buildout underpins a five-year cloud services contract with Microsoft valued at approximately $9.7 billion. The contract is structured in four phases, which IREN calls Horizons. Each one represents 50 MW of capacity. Together they will house liquid-cooled NVIDIA systems for Microsoft. The problem is everything after that. Horizons 2 through 4 were originally targeted for phased completion by Q4 2026.

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