IREN to Build First Australia Data Center, Targeting Asian AI Demand
Summary
- IREN signed a grid connection agreement to build a data center of up to 800 megawatts (MW) in Bundey, South Australia.
- IREN has shifted from a Bitcoin (BTC) miner to an artificial intelligence (AI)-based high-performance computing (HPC) infrastructure company and signed multibillion-dollar agreements with Microsoft.
- IREN shares rose about 4%% after the new data center announcement, reaching $69, close to the stock's 52-week high of $76.87.
Forecast Trend Report by Period
Bitcoin miner IREN is moving to build a data center in Australia.
The Block reported on June 3 that IREN signed a grid connection agreement for a data center of up to 800 megawatts in Bundey, South Australia. The company plans to begin operations in 2028 after completing regulatory approvals.
It will be IREN's first data center in Australia. The facility will use South Australia's high-voltage transmission network to serve customers across the Asia-Pacific region, including South Korea, Japan and Singapore.
IREN started as a Bitcoin mining company but has recently shifted its focus to artificial intelligence-based high-performance computing infrastructure. Demand for related infrastructure has surged as generative AI adoption has expanded.
The new data center project also aligns with IREN's push to expand its AI business. Over the past year, the company signed multibillion-dollar agreements with Microsoft. IREN also works with Nvidia.
IREN shares rose about 4% to $69 in early trading on June 3 after the company announced the new data center. That brought the stock close to its 52-week high of $76.87.
