IREN is positioning its AI infrastructure business around ownership of the full stack, from power and data centers to GPUs and software, rather than relying on third-party providers for critical components. Co-CEO Daniel Roberts said Microsoft has begun taking delivery of Horizon 1, the first of four planned 50-megawatt AI cloud deployments under its contract. IREN said contracted annual recurring revenue for 2026 has reached $4 billion, including $1 billion already operational, while $700 million linked to its Nvidia Cloud contract is expected to ramp in 2027. Mirantis, acquired recently by IREN, was named an inaugural Nvidia Certified Hypervisor, extending Nvidia validation to the software layer. The model is intended to serve both hyperscalers seeking bare-metal GPU clusters and enterprise AI developers requiring managed cloud and orchestration services. Investors will be watching whether the integrated structure produces sustained customer growth, expanding margins and higher-value AI cloud contracts as demand scales.