Satellite imagery analysis by research firm Aterio indicates that IREN's Horizon 4 data center in Texas, built for Microsoft under a $9.7 billion agreement, still lacks backup generators and cooling equipment, raising concerns about year-end delivery. The New Jersey project being developed for Nebius, with approximately 140 megawatts of planned capacity, may slip to 2027. Microsoft's AI-related capital expenditure last quarter fell roughly $5 billion below expectations, prompting the company to lower its full-year guidance. Its CFO cited delivery delays by third-party cloud service providers as one of the main reasons. A Microsoft spokesperson said its infrastructure strategy remains flexible, while IREN and DataOne declined to comment.