A memory device includes a first electrode, a conductive layer including iridium above the first electrode, a magnetic junction on the conductive layer and a second electrode above the magnetic junction. The magnetic junction includes a magnetic structure including a first magnetic layer including cobalt, a non-magnetic layer including platinum or tungsten on the first magnetic layer and a second magnetic layer including cobalt on the non-magnetic layer. The magnetic junction further includes an anti-ferromagnetic layer on the magnet structure, a fixed magnet above the anti-ferromagnetic layer, a free magnet above the fixed magnet and a tunnel barrier between the fixed magnet and the free magnet.