IREN (Iris Energy Limited) (NASDAQ: IREN) (together with its
subsidiaries, "IREN" or “the Company”), a leading next-generation
data center business powering the future of Bitcoin, AI and beyond,
today provided a business update.
- 2024
expansion, now fully funded
- $301m cash, no
debt
- 460MW of data
centers and 20 EH/s of Bitcoin mining in 2024
- Expansion fully
funded, following completion of a targeted ATM equity raising
program
- IREN to
commence quarterly reporting immediately
- Starting from the
quarter ending March 31, 2024
-
Next-generation data centers
- 460MW of data center
capacity in 2024, with land portfolio and executed connection
agreements for 2,160MW of power underpinning continued growth
across both AI Cloud Services and Bitcoin mining
- AI Cloud Services
- 816 NVIDIA H100 GPUs
generates an estimated ~$14-17m of annualized hardware profit (~24
month payback)
- 248 GPUs operating +
568 GPUs now undergoing testing and commissioning at our Prince
George data center (which is capable of operating ~30,000 NVIDIA
H100 GPUs)
- Customer
negotiations for new capacity in progress
- Recently presented
at NVIDIA GTC, with poolside AI’s Co-Founder & CTO joining the
stage to highlight the strength of IREN’s cloud services
capabilities
- Bitcoin mining
- 20 EH/s generates
~$269m of annualized hardware profit (post-halving)
- 8 EH/s currently
operating and 12 EH/s additional capacity to be progressively
shipped and installed during the next 9 months
- Childress
construction update
- Phase 1 (first
100MW) – H1 2024
- 60MW operating, 40MW
under construction
- Supports expansion
to 10 EH/s
- Phase 2 & 3
(next 200MW) – H2 2024
- Supports expansion
to 20 EH/s
- Optimized data
center design (now 25MW) expediting construction timelines through
increased power density per building and constructability
improvements
- Construction
underway with ~180 personnel on site
|
|
Childress (August
2023)20MW operating data center |
Childress (March
2024) Expansion to 100MW in H1 2024 nearing
completionExpansion to 300MW in H2 2024 underway |
Assumptions and Notes
- Cash of $301m reflects USD equivalent, unaudited preliminary
cash, cash equivalents and term deposits as of March 29, 2024 plus
ATM proceeds to be received first week of April 2024 from shares
sold on or prior to March 29, 2024. Between March 16, 2024 and
March 29, 2024 the Company raised $72m in gross proceeds from the
sale of 13.6m shares. Remaining capacity under existing ATM of
$166m. Total number of ordinary shares outstanding as of March 29,
2024 is 141,094,782, including shares sold through the ATM on or
prior to March 29, 2024
- Illustrative Annualized Hardware Profit = revenue less assumed
electricity costs (excludes all other site, overhead and REC
costs)
- Illustrative Annualized Hardware Profit (AI Cloud Services):
calculations assume 1.25kW power draw required for 1 GPU, $0.05/kWh
electricity costs and $2.00-2.50 per GPU hour revenue assumption.
Hardware capex assumes ~$40k per GPU
- Illustrative Annualized Hardware Profit (Bitcoin Mining,
post-halving): calculations assume hardware operates at 100% uptime
and $0.04/kWh electricity costs. Source: Coinwarz Bitcoin Mining
Calculator. Inputs: 20,000 PH/s (hashrate), ~595 EH/s (global
hashrate), $70,000 (BTC price), 3.125 BTC (block reward), 0.3 BTC
(transaction fees), 0.2% (pool fees), 440MW (power consumption).
These inputs and assumptions are based on current and historical
market conditions which may be different in the future
- 12 EH/s of additional Bitcoin mining hardware comprises Bitmain
T21 miner purchases of 3 EH/s and T21 miner purchase options of 9
EH/s. Final decisions with respect to exercising miner purchase
options will be made during 2024 taking into consideration market
conditions
About IREN
IREN is a leading next-generation data center business powering
the future of Bitcoin, AI and beyond utilizing 100% renewable
energy.
- Bitcoin Mining:
providing security to the Bitcoin network, expanding to 20 EH/s in
2024. Operations since 2019.
- AI Cloud Services:
providing cloud compute to AI customers, expanding to 816 NVIDIA
H100 GPUs. Operations since 2024.
- Next-Generation Data
Centers: 220MW of operating data centers, expanding to 460MW in
2024. Specifically designed and purpose-built infrastructure for
high-performance and power-dense computing applications.
- Technology:
technology stack for performance optimization of AI Cloud Services,
Bitcoin Mining and energy trading operations.
- Development
Portfolio: 2,160MW of secured power capacity across North America,
>1,000 acre property portfolio and additional development
pipeline.
- 100% Renewable
Energy: targets sites with low-cost & underutilized renewable
energy, and supports electrical grids and local communities.
Contacts
MediaJon Snowball Domestique +61 477 946
068Danielle GhiglieraAircover Communications+1 510 333 2707 |
InvestorsLincoln Tan IREN+61 407 423
395lincoln.tan@iren.com |
To keep updated on IREN’s news releases and SEC filings, please
subscribe to email alerts at
https://iren.com/investor/ir-resources/email-alerts.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements generally relate to future events
or IREN’s future financial or operating performance. For example,
forward-looking statements include but are not limited to the
Company’s business strategy, expected operational and financial
results, and expected increase in power capacity and hashrate. In
some cases, you can identify forward-looking statements by
terminology such as “anticipate,” “believe,” “may,” “can,”
“should,” “could,” “might,” “plan,” “possible,” “project,”
“strive,” “budget,” “forecast,” “expect,” “intend,” “target”,
“will,” “estimate,” “predict,” “potential,” “continue,” “scheduled”
or the negatives of these terms or variations of them or similar
terminology, but the absence of these words does not mean that
statement is not forward-looking. Such forward-looking statements
are subject to risks, uncertainties, and other factors which could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements. In addition, any
statements or information that refer to expectations, beliefs,
plans, projections, objectives, performance or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking.
These forward-looking statements are based on management’s
current expectations and beliefs. These statements are neither
promises nor guarantees, but involve known and unknown risks,
uncertainties and other important factors that may cause IREN’s
actual results, performance or achievements to be materially
different from any future results performance or achievements
expressed or implied by the forward looking statements, including,
but not limited to: Bitcoin price and foreign currency exchange
rate fluctuations; IREN’s ability to obtain additional capital on
commercially reasonable terms and in a timely manner to meet its
capital needs and facilitate its expansion plans; the terms of any
future financing or any refinancing, restructuring or modification
to the terms of any future financing, which could require IREN to
comply with onerous covenants or restrictions, and its ability to
service its debt obligations; IREN’s ability to successfully
execute on its growth strategies and operating plans, including its
ability to continue to develop its existing data center sites and
its ability to diversify into the market for AI Cloud Services ("AI
Cloud") solutions; IREN’s limited experience with respect to new
markets it has entered or may seek to enter, including the market
for AI Cloud solutions; expectations with respect to the ongoing
profitability, viability, operability, security, popularity and
public perceptions of the Bitcoin network; expectations with
respect to the profitability, viability, operability, security,
popularity and public perceptions of any AI Cloud solutions that
IREN offers; IREN’s ability to secure and retain customers on
commercially reasonable terms or at all, particularly as it relates
to its strategy to expand into AI Cloud solutions; IREN’s ability
to manage counterparty risk (including credit risk) associated with
any current or future customers and other counterparties; IREN’s
ability to secure renewable energy, renewable energy certificates,
power capacity, facilities and sites on commercially reasonable
terms or at all; the risk that any current or future customers or
counterparties may terminate, default on or underperform their
contractual obligations; Bitcoin global hashrate fluctuations;
delays associated with, or failure to obtain or complete,
permitting approvals, grid connections and other development
activities customary for greenfield or brownfield infrastructure
projects; IREN’s reliance on power utilities providers, third party
mining pools, exchanges, banks, insurance providers and its ability
to maintain relationships with such parties; expectations regarding
availability and pricing of electricity; IREN’s participation and
ability to successfully participate in demand response products and
services and other load management programs run, operated or
offered by electricity network operators, regulators or electricity
market operators; the availability, reliability and/or cost of
electricity supply, hardware and electrical and data center
infrastructure, including with respect to any electricity outages
and any laws and regulations that may restrict the electricity
supply available to IREN; any variance between the actual operating
performance of IREN’s hardware achieved compared to the nameplate
performance including hashrate; IREN’s ability to curtail its
electricity consumption and/or monetize electricity depending on
market conditions, including changes in Bitcoin mining economics
and prevailing electricity prices; actions undertaken by
electricity network and market operators, regulators, governments
or communities in the regions in which IREN operates; the
availability, suitability, reliability and cost of internet
connections at IREN’s facilities; IREN’s ability to secure
additional hardware, including hardware for Bitcoin mining and AI
Cloud solutions it may offer, on commercially reasonable terms or
at all, and any delays or reductions in the supply of such hardware
or increases in the cost of procuring such hardware; expectations
with respect to the useful life and obsolescence of hardware
(including hardware for Bitcoin mining as well as hardware for
other applications, including AI Cloud solutions IREN may offer);
delays, increases in costs or reductions in the supply of equipment
used in IREN’s operations; IREN’s ability to operate in an evolving
regulatory environment; IREN’s ability to successfully operate and
maintain its property and infrastructure; reliability and
performance of IREN’s infrastructure compared to expectations;
malicious attacks on IREN’s property, infrastructure or IT systems;
IREN’s ability to maintain in good standing the operating and other
permits and licenses required for its operations and business; IREN
ability to obtain, maintain, protect and enforce its intellectual
property rights and other confidential information; whether the
secular trends IREN expects to drive growth in its business
materialize to the degree it expects them to, or at all; the
occurrence of any environmental, health and safety incidents at
IREN’s sites, and any material costs relating to environmental,
health and safety requirements or liabilities; damage to its
property and infrastructure and the risk that any insurance IREN
maintains may not fully cover all potential exposures; ongoing
proceedings relating to the default by two of IREN’s wholly-owned
special purpose vehicles under limited recourse equipment financing
facilities; ongoing securities litigation relating in part to the
default; and any future litigation, claims and/or regulatory
investigations, and the costs, expenses, use of resources,
diversion of management time and efforts, liability and damages
that may result therefrom; IREN’s failure to comply with any laws
including the anti-corruption laws of the United States and various
international jurisdictions; any failure of its compliance and risk
management methods; any laws, regulations and ethical standards
that may relate to IREN’s business, including those that relate to
Bitcoin and the Bitcoin mining industry and those that relate to
any other solutions we may offer (such as AI Cloud solutions),
including regulations related to data privacy, cybersecurity and
the storage, use or processing of information; any intellectual
property infringement and product liability claims; IREN’s ability
to attract, motivate and retain senior management and qualified
employees; increased risks to its global operations including, but
not limited to, political instability, acts of terrorism, theft and
vandalism, cyberattacks and other cybersecurity incidents and
unexpected regulatory and economic sanctions changes, among other
things; climate change, severe weather conditions and natural and
man-made disasters that may materially adversely affect its
business, financial condition and results of operations; the
ongoing effects of COVID-19 or any other outbreak of an infectious
disease and any governmental or industry measures taken in
response; IREN’s ability to remain competitive in dynamic and
rapidly evolving industries; damage to its brand and reputation;
expectations relating to Environmental, Social and Governance
issues or reporting; the costs of being a public company; and other
important factors discussed under the caption “Risk Factors” in
IREN’s annual report on Form 20-F filed with the SEC on September
13, 2023 as such factors may be updated from time to time in its
other filings with the SEC, accessible on the SEC’s website at
www.sec.gov and the Investor Relations section of IREN’s website at
https://investors.iren.com.
These and other important factors could cause actual results to
differ materially from those indicated by the forward-looking
statements made in this press release. Any forward-looking
statement that IREN makes in this press release speaks only as of
the date of such statement. Except as required by law, IREN
disclaims any obligation to update or revise, or to publicly
announce any update or revision to, any of the forward-looking
statements, whether as a result of new information, future events
or otherwise.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/5bbd521b-f3b2-45fe-827f-9467bb7c79c5
https://www.globenewswire.com/NewsRoom/AttachmentNg/1bc992e0-fb3f-4b23-8999-c7c21d081ea2
Iris Energy (NASDAQ:IREN)
過去 株価チャート
から 4 2024 まで 5 2024
Iris Energy (NASDAQ:IREN)
過去 株価チャート
から 5 2023 まで 5 2024