IREN Ltd (IREN)

IREN Secures Grid Connection for 800MW Australian Data Center Development (IREN)June 3, 2026 9:54 AM
IH Market News IREN Limited (NASDAQ:IREN) has taken a major step forward in its artificial intelligence infrastructure strategy after signing a transmission connection agreement for a planned 800MW data center campus in South Australia. The project marks the company’s first publicly announced data center development in Australia and significantly expands its footprint in the Asia-Pacific region. Bundey Campus Positioned for Large-Scale Growth The new facility will be located in Bundey, approximately 78 miles northeast of Adelaide. Under the agreement, IREN has secured access to a high-voltage transmission connection at a nearby utility substation. The site benefits from four 330kV feeder exits capable of supporting up to 800MW of power capacity without the need for additional network upgrades. The arrangement provides the company with a scalable platform to support future AI and cloud infrastructure expansion. Energization Targeted for 2028 IREN expects the campus to begin receiving power from 2028. In the meantime, the company plans to move forward with preliminary construction activities, equipment procurement and the regulatory approval process necessary to advance the project. Management views the development as a long-term strategic investment aimed at meeting growing demand for AI computing infrastructure across the region. Economic Benefits for South Australia The project is expected to generate substantial employment opportunities during both the construction and operational phases. According to the company, more than 500 jobs are anticipated during construction, while the completed campus could support over 200 ongoing skilled positions. The development is also expected to contribute to South Australia’s growing reputation as a destination for advanced technology and digital infrastructure investment. Strategic Connectivity Supports Regional AI Demand A key advantage of the Bundey site is its access to submarine fiber-optic connectivity linking Australia with major Asia-Pacific markets, including Singapore, Indonesia, South Korea and Japan. The connectivity infrastructure is expected to support low-latency access to regional customers and strengthen the campus’s appeal as a location for large-scale AI computing operations. In addition, South Australia is targeting 100% net renewable electricity generation by 2027, providing access to significant clean-energy resources for future data center operations. Management Highlights Energy and Connectivity Advantages Co-Founder and Co-Chief Executive Officer Daniel Roberts emphasized the strategic benefits of the location. “South Australia offers what AI infrastructure at scale requires: abundant clean energy, the connectivity to serve the APAC region, and a State Government that understands the opportunity and is acting on it,” said Daniel Roberts, Co-Founder and Co-CEO of IREN. Government Welcomes Major Investment South Australian Premier Peter Malinauskas described the project as a significant investment for the state, highlighting its potential to create jobs and strengthen South Australia’s standing as a technology hub within the Asia-Pacific region. The development aligns with broader efforts to attract digital infrastructure projects and capitalize on growing demand for AI-related computing capacity. Expanding Global AI Infrastructure Platform IREN operates as a vertically integrated AI cloud infrastructure provider, delivering large-scale data centers and GPU computing clusters used for artificial intelligence training and inference workloads. The company currently maintains operations across North America, Europe and Asia-Pacific, with the Bundey project representing another significant step in its strategy to build global AI infrastructure at scale. IREN stock price Original: IREN Secures Grid Connection for 800MW Australian Data Center Development (IREN)

IREN (IREN) Shares Slide After Announcement of $2 Billion Convertible Notes OfferingMay 11, 2026 9:55 AM
IH Market News IREN Limited (NASDAQ:IREN) shares fell 6% on Monday after the company announced plans to launch a $2 billion offering of convertible senior notes.The company said the proposed notes, due in 2033, will be offered privately to qualified institutional buyers. Company May Expand Offering by Additional $300 Million IREN also disclosed that it expects to grant initial purchasers the option to acquire up to an additional $300 million principal amount of the notes.The convertible notes will represent senior unsecured obligations of the company and will pay interest on a semi-annual basis.Unless repurchased, redeemed or converted earlier, the notes are scheduled to mature on December 1, 2033.Under certain conditions and during specified time periods, investors will have the option to convert the notes into company shares. Proceeds to Support Hedging Strategy and Corporate Purposes IREN said part of the proceeds from the offering will be used to fund capped call transactions designed to reduce potential shareholder dilution tied to future note conversions.The remainder of the funds is expected to be allocated toward general corporate purposes and working capital needs.The company added that it plans to enter into privately negotiated capped call agreements with one or more of the initial purchasers or their affiliates.These transactions are intended to cover the number of ordinary shares initially underlying the convertible notes. Derivative Activity Could Impact Share Trading IREN noted that counterparties involved in the capped call arrangements may engage in various derivative transactions involving the company’s ordinary shares around the pricing of the offering.According to the company, this trading activity could influence the market price of both IREN shares and the convertible notes.At the same time as the pricing of the new offering, IREN expects to terminate part of the capped call transactions linked to its existing 3.50% Convertible Senior Notes due 2029 and 3.25% Convertible Senior Notes due 2030.IREN stock price Original: IREN (IREN) Shares Slide After Announcement of $2 Billion Convertible Notes Offering

IREN’s Partnership With NVIDIA Expands With $3.4 Billion AI Cloud ContractMay 8, 2026 10:36 AM
IH Market News A new five-year AI cloud agreement with NVIDIA positions IREN to scale beyond infrastructure hosting into managed GPU cloud services for enterprise AI workloads. Key Investor Takeaways The $3.4 billion AI cloud contract significantly expands the commercial relationship between IREN Limited (NASDAQ:IREN) and NVIDIA. The agreement shifts IREN further into managed AI cloud services, including orchestration and cluster management capabilities. The deployment will use NVIDIA Blackwell platform systems across approximately 60MW at IREN’s Childress, Texas campus. The deal may strengthen IREN’s positioning in the growing AI infrastructure market as demand for GPU compute capacity continues to rise. Collaboration with Mirantis introduces an additional software and management layer beyond traditional data center hosting. Why IREN Stock Is in Focus IREN Limited (NASDAQ:IREN) announced that it has signed a five-year AI infrastructure cloud services agreement with NVIDIA valued at approximately $3.4 billion.Under the contract, IREN will provide managed GPU cloud services for NVIDIA’s internal AI and research workloads. The agreement includes orchestration and cluster management software developed in collaboration with Mirantis.The infrastructure supporting the contract will be deployed at IREN’s existing data center campus in Childress, Texas. According to the company, the deployment will use air-cooled Blackwell platform systems operating across roughly 60MW of capacity.The announcement represents an expansion of IREN’s role within the AI infrastructure ecosystem, moving beyond bare-metal compute offerings into fully managed cloud services.“We are excited to further strengthen our partnership with NVIDIA through this agreement,” said Daniel Roberts, Co-Founder & Co-CEO of IREN.“This contract demonstrates our ability to deliver fully managed cloud solutions, not just bare metal, to a broad and growing customer base.” Why This Matters for Investors The scale of the agreement may reinforce investor confidence in IREN’s ability to secure long-duration AI infrastructure contracts with major technology partners.The deal also highlights growing demand for managed GPU cloud environments tied to AI training and inference workloads, an area that has become increasingly important across the data center and semiconductor industries.For investors, the contract could signal a strategic evolution in IREN’s business model. Managed cloud services may provide stronger customer retention and potentially broader service offerings compared with infrastructure-only deployments.The use of NVIDIA Blackwell systems also connects IREN directly to one of the most closely watched AI hardware platforms currently entering the market.At the same time, execution remains important. The contract depends on deployment within IREN’s existing Texas facilities and the company’s ability to support large-scale AI workloads over a multi-year period. What to Watch Next Investors will likely watch for updates on: Deployment timelines for the Blackwell systems at Childress, Texas Additional AI cloud customer wins tied to managed services Revenue contribution timing from the five-year contract Expansion of IREN’s GPU infrastructure footprint Further partnerships involving NVIDIA or enterprise AI workloads IREN stock price Original: IREN’s Partnership With NVIDIA Expands With $3.4 Billion AI Cloud Contract

Mmmhmmm I said it at 30

AI Cloud Acquisition Expands as IREN (IREN) Buys Mirantis to Boost Infrastructure CapabilitiesMay 5, 2026 10:25 AM
IH Market News The deal adds enterprise software and operational expertise to support scaling AI cloud deployments.IREN Limited (NASDAQ:IREN) announced an AI cloud acquisition with a definitive agreement to acquire Mirantis for approximately $625 million in stock. The move is aimed at strengthening IREN’s ability to deploy, manage, and support large-scale AI infrastructure as demand for cloud-based compute continues to grow. Key Investor Takeaways IREN (NASDAQ:IREN) is pursuing an AI cloud acquisition to expand its infrastructure and software capabilities. The $625M all-stock deal adds enterprise cloud infrastructure and Kubernetes expertise via Mirantis. Mirantis brings 1,500+ enterprise customers, potentially expanding IREN’s market reach. The transaction could improve deployment speed, monitoring, and customer support for AI workloads. Deal closing remains subject to regulatory approvals, introducing execution risk. Press Release Overview IREN has entered into a definitive agreement to acquire Mirantis, a provider of cloud infrastructure, Kubernetes-based orchestration, and enterprise support services. The transaction values Mirantis at approximately $625 million, to be paid in IREN ordinary shares.Mirantis will operate as a standalone subsidiary following the close, continuing to serve its existing global customer base while also supporting IREN’s AI cloud operations.The acquisition is designed to enhance IREN’s platform across four areas: Deployment capabilities for faster rollout of workloads on GPU infrastructure Operational visibility, including monitoring and performance management Customer support through expanded enterprise service capabilities Market access to a broader range of enterprise and AI-native customers Mirantis has experience supporting over 1,500 enterprise customers and is a founding Independent Software Vendor partner of the NVIDIA AI Cloud Ready Initiative. Its k0rdent AI platform enables management of AI infrastructure across bare metal, virtual machines, and Kubernetes environments.IREN stated the acquisition builds on its existing strengths in data center development, GPU deployment, and large-scale compute delivery. Why This Matters for Investors This acquisition signals IREN’s effort to move beyond infrastructure into a more integrated AI cloud platform. Adding Mirantis’ software and enterprise capabilities could help IREN compete more effectively in a market where reliability, orchestration, and customer support are increasingly critical.The deal may also expand IREN’s addressable market by enabling it to serve enterprise customers with more complex requirements. However, integration execution and the ability to translate these capabilities into revenue growth remain key uncertainties.Because the transaction is stock-based, it could also impact shareholder dilution depending on final terms at closing. What to Watch For Next Regulatory approvals and timeline for deal completion Integration of Mirantis into IREN’s AI cloud platform Updates on customer growth and enterprise adoption Performance of Mirantis as a standalone subsidiary Any changes in IREN’s capital structure following the stock-based transaction Conclusion IREN’s acquisition of Mirantis reflects a strategic push to deepen its AI cloud capabilities by combining infrastructure with software and enterprise services. While the deal could strengthen its competitive positioning, its impact will depend on successful integration and execution in scaling AI workloads.IREN stock price Original: AI Cloud Acquisition Expands as IREN (IREN) Buys Mirantis to Boost Infrastructure Capabilities

In, about to go $50+

BOOM!!!!

$46.85.... reckon I might have to roll that CC up and out....best to wait a few days, perhaps to see where it goes.....

Guess not. I sold a 5-1 $47 covered call and it's red already as IREN is still running today. My 4-17 cash secured puts will be fine

Under 30 next week, it's over folks,Nuclear war coming and back to the stone age

Looking fantastic 

Let me give you one other thought that dashes your buddy "on another board." AI will soon develop the newest, baddest, fastest chip for NVDA. And IREN will be there to feed its brain

I loaded the hell out of that dip and kits holding now.  Flipping is exhausting.  We will see 200$ plus at some point 

So what.. the blackwell chips are plenty fast. Yes, they have a new chip but it cannot be fully utilized because of power constraints. Either way, NVDA is winning and NVDA is pulling IREN with it.

Read on another board that a poster said a report claimed that NVDA's Blackwell chips will become obsolete before December if data centers open after that because of another chip they are coming out with. Anyone know more about this and how it could affect IREN as they have purchased Blackwell chips although I am not sure of the generation.

why buy there? Sheesh

Looking over the portfolio this weekend has me concerned with IREN. Shares didn't take the gigantic offering very well and stock is sitting basically at the 200 da. Overall market is nervous and ready to plunge so unless the 200 da holds, may have to take my lumps and bail. Will be monitoring Monday.

IREN shares fall after announcing $6 billion equity offering programMarch 5, 2026 10:39 AM
IH Market News
IREN (NASDAQ:IREN) shares declined about 4.2% to $42 in premarket trading Thursday after the company unveiled plans for an at-the-market equity program that could raise up to $6 billion.The offering will be managed by a syndicate of 11 banks, including Goldman Sachs, JPMorgan and Citigroup. According to the company’s prospectus, IREN had roughly 332.3 million shares outstanding as of January 30.The stock had closed 12.8% higher at $43.84 on Wednesday prior to the announcement.Separately, IREN said it has agreed to purchase more than 50,000 NVIDIA B300 GPU chips to expand its artificial intelligence cloud infrastructure.The company plans to roll out the GPUs in phases through the second half of 2026 at its existing data center sites in Mackenzie, British Columbia, and Childress, Texas.IREN stock price

Original: IREN shares fall after announcing $6 billion equity offering program

Picked up 38/39’s.  Probably just going to hold long now 

Having a devil of a time to break out above 44

Agreed loaded the heck out of40 and sub 40 

This is a $100 - $150 stock in 1 year

Thanks. 

Actually its Behind the Meter ...my mistake. From Gemini

1. Texas: The Leader in BTM Solutions
Texas is seeing a surge in "off-grid" or BTM projects specifically to circumvent a massive interconnection queue that reached 226 gigawatts in late 2025.
On-Site Gas Generation: Roughly half of the new gas-generation projects in Texas (about 40 GW) are being built directly at data center sites to operate independently of the ERCOT grid.
Stranded Gas Utilization: Companies like MARA are deploying micro-data centers at oil wellheads in the Permian Basin to use gas that would otherwise be flared.
Leapfrogging the Line: Large developers are increasingly co-locating with private wind and solar farms to "leapfrog" the 5-to-7-year wait times for traditional grid connections.
2. North Dakota: Strategic but Smaller Scale
North Dakota is positioning itself as an alternative, but it currently lacks the infrastructure scale of Texas.
Grid Advantage: Unlike Texas's isolated grid, North Dakota is part of the multi-state SPP and MISO grids, which can offer better reliability but still face transmission bottlenecks.
BTM Niche: North Dakota is attracting BTM projects specifically for low-carbon AI. The state's geology is ideal for carbon capture and storage (CCS), allowing developers to build on-site gas plants and pump the CO2 underground immediately.
Limited Scale: While North Dakota has a high surplus generation ratio, its total power output (~3 GWh/month) is a fraction of Texas's (~52 GWh/month), making it better suited for specialized high-performance computing (HPC) rather than massive hyperscale clusters.


Kiwi

Yes referring to Babcock and Wilson . Applied Digital is due to make a decision by end of Q1 whether or not or to what extent they will use them as a Behind the Grid power source in Nth Dakota .
FTAI may make more sense for Behind the Grid as faster scale up and more suitable for a place like Nth Dakota .
Behind the Grid power is just one part of BW...but the Applied Digital deal may be a semi binary event for them .

How this relates to IREN . IREN sells themselves as having a lot of grid connected power . This is true ...these are smart guys .
But Behind the Grid power in Nth Dakota can be scaled up fairly fast by FTAI and augmented by BW ...Nth Dakota has ample cheap gas and an excellent fiber optic network .
So IREN faces near term drop in Bitcoin income and median term threat of Behind the Grid powered data centers in Nth Dakota ....and this is not lost on the hyperscalers looking to sign long term contracts
JMO
Kiwi

So maybe I am looking up the wrong company?  Babcock & Wilcox?   I can't see where they owm BWVelora and that is the right one??  

Thanks.  Let me check out BW.  I completely void of knowledge wrt behind the grid.  Never even heard that term in my 73 11/12 years on this planet. 

RMB. some quick thoughts on IREN ( also applies to CIFR etc )
I sold my positions ( or was stopped out ) some time ago .
Two main reasons
1) I lost conviction in the bitcoin story and both Co's still rely on bitcoin mining for a major source of income
2) The advance of Behind the Grid technology to power data centers ...so they dont need the committed power grid connection that IREN etc is valued on.
BW is an example of behind the grid power generation ...and they face a major binary event this Qt and that is their deal with Applied Digital in Nth or Sth ? Dakota .
If that build out ramps to full production by end of Q1 it shows Behind the Grid power tech has arrived .
JMO
Kiwi

Apart from Bernstein, I noticed that a couple of other analysts maintained their position on IREN but lowered their targets, with one analyst lowering it substantially.  Have a great weekend. 

Good report note With only around 10% of IREN's roughly 4.5 gigawatts of power capacity currently contracted, Bernstein said the company retains significant flexibility to sign additional AI deals.
The Cap Ex just disclosed in the recent hyperscaler ER's definitely show them on the hunt with the $ to buy AI power capacity .
So IREN should definitely benefit assuming they can great deals.
I'm not a fan of bitcoin ...thats their near term vulnerability..plus any deal on deals .
Good luck
Kiwi

Bernstein comes out with note reiterating support for IREN and has $125 target:
https://finance.yahoo.com/news/bernstein-says-iren-selloff-reflects-145314002.html

They have to price the Bitcoin on the balance sheet marked to market. So if by the end of this Quarter if BTC turns around if will flip. So that loss number you want to look at after subtracting the BTC price adjustment to see how they are really doing. It was the same at CLSK earnings release today. They had a conference call that is recorded on their website. If you listen to that they explain regarding the mark to market on the Bitcoin price. It's just short-term fluctuation if it recovers bam buying it  now is a boon. I bought afterhours in a number of these names. It might go lower but historically this is an excellent place to buy if you're going to hold it for a couple of months at least. 

Well part of it is how they report capped calls ..which I only vaguely understand
Unrealized losses related to prepaid forwards and capped calls associated with convertible notes (vs. significant unrealized gains on such positions in Q1 FY26), together with a one-time debt conversion inducement expense, totaling $(219.2)m

Bitcoin is trading at $60K as I type this ...its basically a crash that unfortunately may hit the market tomorrow via margin calls , forced selling of other positions to cover margin calls. etc
Its hard to make a use case for bitcoin now
Stable coins in finance
Gold as safe harbor , store of value

IREN's cost to mine Bitcoin is around $25 per coin I think due to their low energy y costs, But their income from mining is being crushed ...as well as the value of whatever they are holding .
Good luck
Kiwi
PS Bitcoin now at $62 K ...F'n crazy volatility

I can't understand how they can go from so positive (in the black) and the next qtr so red???

Wow ..this ER report is horrible
Net income (loss) of $(155.4)m (vs. Q1 FY26 $384.6m)
If I'm reading that right
So they went from a profit of $384 m last Qt ...to a loss of $155m in the qt reported ...and they are heading into a Qt with Bitcoin ( their main source of income ) ...cut in half

Good luck
Kiwi

Re , I doubt anything below the high 40's will be seen again.
I love these message boards . All our F up's ...including mine ( although the above is not mine ) ...recorded for posterity

Kiwi

So how important is revenue from bitcoin sales and bitcoin mining to IREN .
I'm sure everyone here has checked that out .
In case you haven't
IREN earned $167.4 million from mining Bitcoin in its most recent fiscal quarter ending December 31, 2025 (Q2 FY2026), as reported on February 5, 2026.
This represents a significant decrease from the $233.0 million earned in the previous quarter (Q1 FY2026), primarily due to lower Bitcoin prices.
Despite this quarterly drop, the company's Bitcoin mining remains its primary "cash engine," with management projecting approximately $1.0 billion in annualized revenue from mining under current market conditions.


So income from bitcoin and bitcoin mining this Qt likely to be half what it was in the last Qt ...unless theres some miraculous rebound in bitcoin ....and thats their primary " cash " engine .
I'm assuming you've all figured this out
JMO
Kiwi

Good call back on the 28th

Kiwi

Me too but 34

In some 33.5

70's into earnings anyone?  

Note to self. Taking profits here.  

While another pullback is possible, I doubt anything below the high 40's will be seen again...and hope/expect about $52 is the floor.

Don't forget the high was over $79..

If it drops a lot, I'll sell some puts and buy some LEAPs...and close my remaining $110 covered call.

Missed 49 Revuy the other day and 50 this morning FML

These swings are crazy. Disappointed I didn't get out at the high yesterday and missed it again today.

Got out 56.5 and looking to get back in in the 40's

They had better get the Taco man out there quick this morning.  Down 10% so far on IREN.  But obviously not IREN specific as so many other stocks getting hammered. 

That's possible. But he abjectly failed in doing DD on the Skull Valley dirt. That's all that really matters.

No more o/t talk here....

This ceo is legit if you did some DD muses less the time and money he spent bringing it back from the dead.  People don't do that for no reason.  Much less the investors invested at much higher prices than we currently have.  Come on bro.  You know it's going to run huge 

I also have some CIFR and HIVE I think NBIS and CRWV might be the two leaders...? Happy with what I have, though.

Zero chance of the other succeeding. If you'd read my old posts, you'd understand. I am aware of all the old, sordid history and have been for years. Nothing that matters has changed.

Now, DTR... I agree with Jack, but still wish I got some while it was around 15.