IREN to Build First Australian Data Center, Targeting Asia AI Demand
Summary
- IREN signed a grid connection agreement for a data center in Bundey, South Australia, with capacity of up to 800 megawatts (MW).
- IREN is shifting its focus from Bitcoin (BTC) mining to artificial intelligence (AI)-based high-performance computing (HPC) infrastructure.
- IREN shares rose about 4%% to $69 after the new data center announcement, bringing the stock close to its 12-month high.
Forecast Trend Report by Period
Bitcoin miner IREN is moving ahead with its first data center project in Australia.
The Block reported on June 3 that IREN signed a grid connection agreement for a data center in Bundey, South Australia, with capacity of up to 800 megawatts. The company plans to begin operations at the site in 2028, subject to 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 Asia-Pacific markets including South Korea, Japan and Singapore.
IREN began as a Bitcoin mining company but has recently shifted its focus to artificial intelligence-driven high-performance computing infrastructure. Demand for such infrastructure has surged alongside the spread of generative AI.
The new data center also aligns with IREN's broader AI expansion. Over the past year, the company signed multibillion-dollar contracts with Microsoft. It also has a partnership with Nvidia.
IREN shares rose about 4% to $69 in early trading on June 3 after the company announced the new data center. That left the stock near its 12-month high of $76.87.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
