IREN moves a Microsoft capacity target from year-end to January

IREN's Nov. 5 release says Horizon 1 went into service for Microsoft and that a customer-requested design change plus supplier timing moved its more than $4 billion contracted annual recurring revenue target from year-end 2026 to January 2027, with a possible extension to the end of February. Data Center Dynamics quoted co-CEO Daniel Roberts saying that after Horizon 1 was handed to Microsoft, the customer asked to reconfigure network equipment so 200 MW could serve the latest frontier models. The release itself does not name Microsoft inside the design-change sentence, and Microsoft has not confirmed the request.