Shares of IREN (IREN) 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, marking its first major Australian data center project.
The agreement guarantees a high-voltage grid connection capable of supporting up to 800 MW of energy for the campus without requiring major grid upgrades.
IREN said the project remains on track for initial energization from 2028, subject to regulatory approvals and other conditions. The site will also benefit from subsea fiber connectivity linking it to major markets in the Asia-Pacific region, including Singapore, Indonesia, South Korea and Japan.
Management highlighted strong regional demand for AI infrastructure, noting a growing gap between projected IT needs and available capacity in the Asia-Pacific region. South Australia’s drive to achieve 100% net renewable energy by 2027 has also been 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 positions.
Recently, Daniel Roberts said that the company’s long-term AI strategy relies on owning electricity, land and data centers.
