IREN Stock Jumps 5% as 800MW Australia Data Center Plan Unveiled

TLDR

• IREN stock rose around 4–5% in pre-market trading Wednesday after announcing an 800MW data center campus in Bundey, South Australia.
• The site, located ~78 miles northeast of Adelaide, will be IREN’s first Australian data center and one of the largest announced in the Asia-Pacific region.
• IREN secured four 330kV feeder exits at a utility substation, supporting up to 800MW without requiring major network upgrades, with energization expected from 2028.
• The campus will feature submarine fiber connectivity to Singapore, Indonesia, South Korea, and Japan, and is expected to create 200+ permanent jobs and 500+ construction jobs.
• Canaccord analyst Joseph Vafi raised his IREN price target to $79 from $70, keeping a Buy rating, citing a $3.65B investment-grade financing facility tied to its $9.7B Microsoft AI Cloud Services contract.

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IREN stock climbed more than 5% in pre-market trading on Wednesday after the company announced plans for an 800-megawatt data center campus in Bundey, South Australia.

IREN Limited, IREN

The project is IREN’s first announced Australian data center and is being described as one of the largest AI infrastructure projects disclosed in the Asia-Pacific region to date.

The site sits roughly 78 miles northeast of Adelaide. IREN secured four 330kV feeder exits at a local utility substation, giving the campus access to up to 800MW of power capacity without requiring major network upgrades.

IREN has announced a planned 800MW data center campus in Bundey, South Australia. 

This marks IREN’s first announced Australian data center project and one of the largest in the Asia-Pacific region announced to date.

Learn more: https://t.co/3bOYCUG3pk pic.twitter.com/oWvs9Xs3ea

— IREN (@IREN_Ltd) June 3, 2026

Initial energization is expected to begin in 2028, subject to regulatory approvals and other conditions.

The campus will include submarine fiber connectivity linking it to major Asia-Pacific markets, including Singapore, Indonesia, South Korea, and Japan.

Co-Founder and Co-CEO Daniel Roberts said the project brings together clean energy access, international connectivity, and a supportive policy environment. He has previously stated that IREN’s long-term strategy is built around owning power, land, and data centers.

South Australia’s grid is targeting 100% net renewable energy by 2027, a factor management cited as a key competitive advantage for the site.

Peter Malinauskas, Premier of South Australia, said the project brings high-quality jobs, stronger renewable energy infrastructure, and new opportunities for regional communities.

The development is expected to create more than 500 construction jobs and over 200 permanent skilled roles once operational.

Canaccord Raises Price Target

Separately, Canaccord analyst Joseph Vafi raised his price target on IREN to $79 from $70 while keeping a Buy rating on the stock.

The move followed IREN’s announcement of closing a $3.65 billion investment-grade financing facility.

That facility is intended to fund the remaining capital expenditure required to ramp its $9.7 billion multi-year AI Cloud Services contract with Microsoft.

The financing deal adds a layer of financial structure to a contract that positions IREN as a significant long-term supplier of AI compute capacity.

Why This Matters for IREN

IREN has been clear about its ambitions in AI infrastructure. Roberts has framed the company’s model around controlling the core inputs: power, land, and data centers.

The South Australia campus fits squarely into that strategy, adding scale and geographic diversification to IREN’s existing operations.

Management pointed to a widening gap between projected AI computing demand and available supply across the Asia-Pacific region as the driver behind the project.

The site’s renewable energy credentials could also prove useful as hyperscalers and cloud providers face growing pressure to meet sustainability targets.

The $3.65 billion financing, combined with the Microsoft contract, gives investors a clearer picture of how IREN plans to fund its infrastructure buildout over the coming years.

IREN’s pre-market gain of roughly 4–5% reflects market enthusiasm for both the announcement and the upgraded analyst outlook.

Canaccord’s revised $79 price target represents the most recent analyst estimate on record following Wednesday’s announcement.