Iren’s Horizon Project Generates Significant Revenue
Iren (NASDAQ: IREN) has launched its Horizon 1 data center project, now operational with Microsoft as its tenant, contributing approximately $500 million in annual recurring revenue over the next five years. CEO Dan Roberts announced that Horizon sites 2, 3, and 4 are expected to be online by the end of this year, collectively generating a projected total of $1.94 billion annually.
The revenue from these projects aims to reduce Iren’s reliance on debt financing, which has been a concern as the company previously raised billions to fund its data center developments. With existing contracts valued at $2.8 billion and a target of over $4 billion in annual recurring revenue by 2026, Iren is poised to strengthen its financial position as it expands its AI cloud capacity from the current goal of 480 megawatts to nearly 1,440 megawatts by 2027.
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