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IREN has secured significant financing for its Microsoft contract, indicating strong demand and progress on its AI cloud infrastructure build-out. The company is on schedule to complete a 750-megawatt data center campus by 2026, which is expected to deliver 200 megawatts of critical AI load. This facility is crucial for servicing Microsoft's $9.7 billion contract and is being deployed in phases. The revenue potential from one campus is estimated at a $1.94 billion annualized run rate, highlighting the substantial growth expected from this segment. The company is actively building out infrastructure tied to these large contracts and significant power demand, positioning it as a key player in the AI infrastructure space, beyond just being a Bitcoin miner.