Satellite images show that the IREN and Nebius data center projects are behind schedule.

Satellite imagery analysis by research firm Aterio indicates that IREN's Horizon 4 data center in Texas, built for Microsoft, lacks backup generators and cooling equipment, posing a risk of not being delivered by the end of the year; the planned 140-gigawatt capacity of the New Jersey project developed for Nebius may be delayed until 2027. Microsoft's AI-related capital expenditures fell $5 billion short of expectations last quarter, and the company lowered its full-year guidance. The CFO cited delivery delays from third-party cloud service providers as a major contributing factor. A Microsoft spokesperson stated that its infrastructure strategy remains flexible. IREN and DataOne declined to comment. (Source: Business Insider)