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 data center project in Australia.
The agreement secures a high-voltage grid connection capable of supporting up to 800 MW of power for the campus without requiring major grid upgrades.
IREN said the project remains on track for initial energization starting in 2028, subject to regulatory approvals and other conditions. The site will also benefit from subsea fiber connectivity connecting it to key Asia-Pacific markets including Singapore, Indonesia, South Korea and Japan.
Management highlighted strong regional demand for AI infrastructure and noted a widening gap between projected computing needs and available capacity in Asia and the Pacific. South Australia’s drive towards 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 favorable political environment. The campus is expected to create more than 500 construction jobs and more than 200 permanent skilled positions once operational.
Recently, Daniel Roberts said that the company’s long-term AI strategy is based on owning energy, land and data centers.
