IREN's AI Infrastructure Ambitions Exceed 5GW Capacity

IREN Limited, a company previously focused on Bitcoin mining, is rapidly expanding its presence in the AI infrastructure market. By June 30, 2026, IREN had secured or contracted around 5 GW of power capacity across the United States, Canada, Spain, and Australia. This figure surpasses its announced pipeline, led by 750 MW at Childress, 1.4 GW at Sweetwater 1, 600 MW at Sweetwater 2, and 1.6 GW at Kiowa.

IREN aims to reach 0.5 GW of gross capacity and 0.3 GW of IT capacity in 2026, increasing to 1.2 GW gross and 0.8 GW IT capacity in 2027. The company has successfully delivered its first 50 MW IT deployment for Microsoft at Childress as part of Horizon 1.

IREN's growth is driven by strong demand, with the company stating that its 2026 capacity was largely sold out and discussing significant portions of 2027 capacity. Contracted ARR tied to 2026 capacity stands at approximately $4 billion, while recent three-year contracts exceeded $20 million of revenue per IT MW.

While IREN's Peers such as Core Scientific (CORZ) and Applied Digital (APLD) are also shifting towards AI infrastructure, execution will be crucial for IREN to convert its large power pipeline into commissioned capacity and recurring revenues. The company secured $3.6 billion of GPU financing at 6% for its Microsoft contract, expected to fund about 96% of associated GPU capex with customer prepayments.