IREN ($IREN) Horizon 4, possibility of delivery in Q1 2027 raised

IREN’s Texas data center Horizon4 had only 5 of 24 backup generators installed as of October 21, and infrastructure research firm Aterio estimates construction progress was still at Horizon3’s late-July level, raising the possibility of delivery slipping to Q1 2027. Aterio’s November 2 analysis is an independent estimate based on aerial and satellite imagery, not an official schedule change by IREN. The project underpins IREN’s roughly $9.7 billion, five-year contract with Microsoft, split across Horizon1 through Horizon4 at 50MW of IT load each for 200MW total. The timing matters because Horizon1 has already been delivered to Microsoft, making Horizon4 progress a key test of IREN’s ability to convert contracted capacity into revenue on schedule. Watch for IREN’s official construction updates and generator installation pace as the next signals on whether the 2027 timeline holds.