IREN Ltd ($IREN) Co-CEO 2026 Pay Revealed

IREN stock fell 9.4% after announcing a 900-MW data center project in Australia, which investors viewed as speculative. The decline followed a 5% drop tied to an unconfirmed cloud deal and negative commentary from Jim Cramer. The stock is below key moving averages, and the broader sector also declined, reflecting a risk-off market tone.

Iren plans a 900MW data center campus in Wagga Wagga, Australia, with a potential AU$10 billion investment. The project is in early assessment, targeting a 2029 grid connection. Iren will fund transmission costs and use renewable energy. The campus is not part of its 5GW secured-power portfolio. Iren operates data centers in North America and recently entered Europe via acquisition.

Cipher Digital (CIFR) fell 5% to $10.72 after pricing $850M zero-interest convertible notes. IREN (IREN) dropped 4%, and Applied Digital (APLD) declined 6%. Cipher's notes fund Barber Lake expansion; shares issued in exchange lack dilution protection. Contracted revenue growth must outpace share count increases.

Nasdaq-listed IREN and CDC Data Centres plan to invest over A$10 billion and A$15 billion respectively for data centre campuses in Wagga Wagga, NSW, near a landfill. Both projects require NSW government approval and offer community benefits. IREN's Redbank campus, costing over A$10 billion, aims for initial energisation in 2029, while CDC's project promises 1,500 construction jobs.

IREN announced a $10B data center in Wagga Wagga, Australia, doubling its early-stage pipeline to 1.7GW. The project expands beyond its North American focus, surpassing Firmus' abandoned 1.6GW Project Southgate. Local opposition to AI infrastructure is growing, with a nearby project facing backlash.

IREN Limited is expanding its AI data center infrastructure globally, targeting 300 MW of capacity by 2026 and 800 MW by 2027. The company has projects in the U.S., Australia, and Europe, with $4 billion in contracted revenues for 2026. IREN plans $25-30 billion in capital expenditures for 2027. Competitors CoreWeave and Applied Digital are also expanding. IREN's stock has fallen 9.8% in three months, trading at a P/S ratio of 3.19X.