IREN Shares Rise as Company Plans 800MW AI Data Center Campus in Australia

IREN shares rose more than 4% in premarket trading on Wednesday after the company announced plans for an 800-megawatt data center campus in South Australia, its first major Australian data center project.

The development matters because it places IREN deeper into the market for AI infrastructure, where access to large-scale power, land and connectivity has become a key constraint. The planned campus is described as one of the largest AI infrastructure projects announced in the Asia-Pacific region.

According to the company, the agreement secures a high-voltage grid connection that can support up to 800MW of power without requiring major network upgrades. IREN said the project remains on track for initial energization beginning in 2028, subject to regulatory approvals and other conditions.

The site is also expected to benefit from submarine fiber connectivity to major Asia-Pacific markets, including Singapore, Indonesia, South Korea and Japan. IREN’s management cited strong regional demand for AI infrastructure and a gap between projected computing needs and available capacity in the region.

South Australia’s push toward 100% net renewable energy by 2027 was also presented as a competitive advantage for the campus. IREN said the project is expected to create more than 500 construction jobs and more than 200 permanent skilled roles once operational.