IREN (IREN) shares rose more than 4% in pre-market trading on Wednesday after the company announced plans to build an 800-megawatt data center campus in South Australia, Australia’s first large-scale data center project.
The contract ensures a high-voltage grid connection that can support up to 800MW of power on campus without the need for major network upgrades.
IREN said the project is on track for initial energization to begin in 2028, subject to regulatory approvals and other conditions. The site will also benefit from subsea fiber connectivity to key markets in Asia Pacific including Singapore, Indonesia, South Korea and Japan.
Management noted the growing gap between projected computing needs and available capacity across the Asia-Pacific region, highlighting the region’s strong demand for AI infrastructure. South Australia’s aim for 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. Once operational, the campus is expected to create more than 500 construction jobs and more than 200 permanent skilled jobs.
Daniel Roberts recently said the company’s long-term AI strategy is built on ownership of power, land and data centers.
