IREN stock was trading around $46 per share Thursday morning, up roughly 6% on the day. That follows a 10% gain on Wednesday, putting the stock up about 16% over two days.
The move came after IREN announced that Microsoft had accepted delivery of Horizon 1, the first phase of a large data center project between the two companies.
The $9.7 billion deal between IREN and Microsoft was originally signed in November 2025. Horizon 1 is the first completed milestone under that agreement.
IREN described the acceptance in a press statement, confirming that Microsoft had formally signed off on the delivered phase.
The deal is one of the largest AI infrastructure contracts tied to a company of IREN’s size, and each milestone carries weight for investors watching the rollout.
Horizon 1 refers to the first phase of IREN’s data center build-out for Microsoft. IREN completed and delivered the phase, and Microsoft’s acceptance marks it as officially fulfilled.
No financial breakdown of Horizon 1 specifically was provided in the announcement. The total contract value across all phases stands at $9.7 billion.
Wednesday’s 10% gain came on the back of the initial Horizon 1 news. Thursday’s additional 6% move shows the market continued to react positively after digesting the details.
IREN is an Australian AI cloud company. Its stock has attracted attention from investors tracking AI infrastructure plays.
The Microsoft deal has been a key part of the company’s growth story since it was announced late last year.
With Horizon 1 now accepted, attention turns to what comes next in the phased rollout. IREN has not publicly outlined a specific timeline for subsequent phases.
The stock’s two-day run has pushed it to levels that reflect renewed optimism around the company’s ability to deliver on its commitments.
Microsoft accepted the first phase without any reported issues, according to IREN’s press statement released Thursday.
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