IREN is expanding its global AI data center footprint with a development pipeline above 5 GW across North America, Europe and Australia, targeting about 300 MW of commissioned IT capacity by year-end 2026 and 800 MW by year-end 2027. Its first 50-MW deployment, Horizon 1 at Childress, Texas, has been delivered to Microsoft, with the remaining three of four planned deployments targeted for Q4 2026. The company reported $4 billion in contracted annualized run-rate revenue (ARR) tied to its 2026 capacity, of which $1 billion was operational as of Aug. 26, 2026, and it expects fiscal 2027 capex of $25 billion to $30 billion. Rivals are also expanding: CoreWeave's active power rose nearly 500 MW to 1.5 GW in Q2 2026, while Applied Digital has about 1.41 GW of leased IT capacity across five campuses and an agreement for up to 1 GW in Finland. The article says the growth potential is considerable, but whether it translates into sustainable growth depends on disciplined capital allocation and successful capacity delivery.
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