IREN Secures 800MW Data Center Development in South Australia
Jun 4, 2026 (1 days ago)
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IREN has signed a transmission connection agreement for a massive 800-megawatt data center campus in Bundey, South Australia, marking the company's first major infrastructure project in the region.
800MW South Australia Data Center Expansion
- IREN signed a transmission connection agreement for an 800MW data center campus in Bundey, South Australia, to serve the Asia-Pacific market3
- The project secures four 330kV feeder exits at the utility's substation, allowing for 800MW of capacity without requiring major network upgrades3
- The site is expected to begin energization in 2028 and will create over 500 construction jobs and 200 permanent skilled positions2, 3
- Management selected South Australia for its abundant clean energy, connectivity to the APAC region, and supportive government policy2, 3
AI Infrastructure Financing and Revenue Growth
- IREN secured $3.65 billion in investment-grade debt to finance Nvidia GPU hardware for its $9.7 billion AI cloud contract with Microsoft4
- The company expects annualized run-rate revenue to increase to $4.4 billion following the deployment of new Blackwell GPU systems at its Texas campus4
- By the end of 2026, IREN aims to reach 480 megawatts of total AI cloud capacity4
Capital Structure and Operational Strategy
- Approximately 96% of IREN’s $5.81 billion GPU purchase obligations are covered through the new financing facility and Microsoft prepayments4
- The company maintains a current ratio near 3.7, indicating comfortable short-term liquidity despite the increased debt load from its infrastructure expansion4
- IREN continues its strategic pivot from crypto mining to becoming a vertically integrated AI Cloud provider3, 4
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