According to The Information, Microsoft reduced its first quarter (July-September) capital expenditure by approximately $5 billion due to delays from cloud service providers in data center delivery. The Information exclusively revealed that Microsoft signed a five-year, $9.7 billion contract with IREN in 2025 for servers equipped with Nvidia GPUs at its Childress data center in Texas, originally scheduled for phased deployment in 2026.

Business Insider reported on satellite imagery analysis by research firm Aterio dated October 21, showing that IREN's Horizon 4 data center lacks backup power generators and cooling equipment. Aterio analyst Daud Shiraz noted IREN's Horizon 1 faced similar delays due to equipment shortages until receiving Microsoft approval in August. Meanwhile, CoreWeave—a competitor handling similar AI infrastructure projects—saw its five-year credit default swap (CDS) spread widen 3% to 1,139.7 basis points on November 4, indicating rising investor concerns over debt risk amid extended project timelines.

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