IREN Secures 800MW Transmission Deal and $3.65B GPU Financing, Stock Jumps
IREN•IREN’s stock rose 4% after signing an 800MW transmission deal for its first Bundey, South Australia data center, energizing in 2028 with Asia-Pacific fiber links and creating 700 jobs. Canaccord raised its price target to $79 after IREN secured a $3.65B GPU financing for its Microsoft AI project.
1. Transmission Agreement and Project Details
IREN signed a transmission connection agreement for an 800MW data center campus in Bundey, South Australia, securing four 330kV feeder exits at the local substation to support capacity without network upgrades. The campus, located 78 miles northeast of Adelaide, is set to energize in 2028 and will connect via submarine fiber to Singapore, Indonesia, South Korea and Japan, creating more than 700 jobs.
2. $3.65B GPU Financing and Price Target Hike
The company closed a $3.65 billion investment-grade financing facility to acquire GPUs for its AI cloud infrastructure tied to a Microsoft agreement. Canaccord raised IREN’s price target to $79 from $70 and reiterated a Buy rating, reflecting a potential upside of nearly 19%.
3. Market Reaction and Stock Performance
Following the project and financing announcements, IREN’s shares climbed over 4% to their highest level in almost seven months, contributing to a 70% gain year-to-date. Retail sentiment shifted from bullish to neutral, with traders eyeing key resistance near the stock’s all-time highs.
