Key facts
- IREN plans an 800MW data center campus in Bundey, South Australia.
- The campus is IREN's first in Australia and one of the largest in the Asia-Pacific region.
- Initial energization is expected to begin in 2028.
- The site will have submarine fiber connectivity to major Asia-Pacific markets.
- IREN secured a $3.65B investment-grade financing facility.
- IREN has a $9.7B multi-year AI Cloud Services contract with Microsoft.
IREN announced plans for an 800-megawatt data center campus in Bundey, South Australia, leading to a more than 5.61% rise in its stock in pre-market trading. This project marks IREN's first Australian data center and is positioned as one of the largest AI infrastructure projects in the Asia-Pacific region. The site, located approximately 78 miles northeast of Adelaide, has secured high-voltage transmission access into the utility's substation, covering four 330kV feeder exits, which is expected to support up to 800MW without major network upgrades. Initial energization is anticipated from 2028, pending regulatory approvals and other conditions. The campus will feature submarine fiber connectivity to key markets like Singapore, Indonesia, South Korea, and Japan, and is projected to create over 500 construction jobs and more than 200 permanent roles. Separately, Canaccord analyst Joseph Vafi raised his price target for IREN to $79 from $70, maintaining a Buy rating, following the company's announcement of a $3.65 billion investment-grade financing facility to support its $9.7 billion multi-year AI Cloud Services contract with Microsoft. The project benefits from South Australia's target of 100% net renewable energy by 2027.