IREN Has Microsoft and $14 Billion of Funding. Execution Is the Real Test

IREN's AI pivot has reached the point where the balance sheet looks almost as dramatic as the growth plan. The Bitcoin miner-turned-AI cloud operator ended June with about $7.6 billion of cash, including $1.7 billion that was restricted, while management says says existing cash, committed GPU financing and customer prepayments provide roughly $14 billion of funding capacity. The first major proof point is already live: Microsoft Corporation (NASDAQ:MSFT) accepted the first Horizon deployment in August under a broader multiyear arrangement, while IREN Limited (NASDAQ:IREN) is redirecting sites, capital and staff toward AI cloud infrastructure.