IREN Secures 800 MW South Australia Data Center and $96 Price Target
IREN•B. Riley raised its target on IREN to $96 from $88 after the company secured an 800 MW transmission connection for its planned Bundey, South Australia, data center campus, targeting energization by 2028. The deal secures four 330 kV feeders without further network investment and opens APAC AI compute markets.
1. Transmission Agreement and Campus Details
IREN executed a transmission connection agreement for its planned 800 MW Bundey data center campus in South Australia, securing four 330 kV feeder exits at the local utility substation. The arrangement provides full capacity without additional network investment, and energization is targeted to begin in 2028.
2. Price Target Upgrade and EBITDA Revisions
Following the agreement, B. Riley raised its price target on IREN to $96 from $88 while maintaining a Buy rating. The firm trimmed its fiscal Q4 2026 adjusted EBITDA estimate to $33.9 million from $47.9 million and its full-year 2026 estimate to $255.2 million from $269.2 million.
3. Strategic Expansion into APAC AI Compute
The Bundey campus connects via submarine fiber to Singapore, Indonesia, South Korea and Japan, positioning IREN to address APAC’s growing AI compute demand. With a 5 GW global development pipeline spanning North America, Europe and Australia, IREN is leveraging AI/HPC optionality as crypto mining revenue declines.
