shares gain on new AI data center

Share This Post

IREN (IREN) shares rose more than 4% in pre-market trading on Wednesday after the company announced plans for an 800-megawatt data center campus in South Australia, marking its first major Australian data center project.

The agreement secures a high-voltage grid connection capable of supporting up to 800MW of power for the campus without requiring major network upgrades.

IREN said the project remains on track for initial energization beginning in 2028, subject to regulatory approvals and other conditions. The site will also benefit from submarine fiber connectivity linking it to key Asia-Pacific markets, including Singapore, Indonesia, South Korea and Japan.

Management highlighted strong regional demand for AI infrastructure, noting a widening gap between projected computing needs and available capacity across Asia-Pacific. South Australia’s push toward 100% net renewable energy by 2027 was also cited as a key competitive advantage for the development.

Co-Founder and Co-CEO Daniel Roberts said the project combines access to abundant renewable energy, international connectivity and a supportive policy environment. The campus is expected to create more than 500 construction jobs and over 200 permanent skilled positions once operational.

Recently, Daniel Roberts said the company’s long-term AI strategy is built on owning power, land and data centers.

Related Posts

ECB’s Cipollone Says Digital Euro a Matter of Sovereignty

European Central Bank Executive Board member Piero Cipollone said...

Bybit Secures First Full Dubai Spot Trading Licence

Cointelegraph is committed to providing independent, high-quality journalism across...

SEC flags tokenization as high-risk area in 2027 market examinations

The SEC’s latest priorities highlight tokenization as an emerging...

IRS Targets 120-Day Tax Disclosure Process: Forbes

The US Internal Revenue Service (IRS) is preparing to...

US Senate to Probe Tether Payments to Ex-Trump Adviser’s Company

Update (Oct. 23, 6:27 pm UTC): This article has...

Pentagon bans US forces from using military info to bet in prediction markets

Hegseth warned that prediction market wagers could expose military...