Satellite images show IREN, Nebius AI data center projects may be delayed

Physical buildout is emerging as the binding constraint on AI capacity, not demand or financing. Satellite imagery offers an independent check on delivery timelines that counterparties and lenders otherwise take on trust, and the Microsoft CFO's reference to third-party delivery delays suggests the slippage is already visible in earnings. The read-across is to the neocloud model broadly: contracted revenue tied to energised racks is only as good as the construction schedule behind it. Whether the Horizon 4 and Nebius timelines hold is the open question, and imagery is likely to become a routine diligence input.