Iren targets 900MW data center campus in Wagga Wagga, Australia

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.

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.

IREN Limited (IREN) fell 4% to $33.18 as an unconfirmed report naming Anthropic as a customer lost momentum. Core Scientific (CORZ) dropped 3% to $14.51, following a similar trend. Neither company confirmed the report or disclosed contract terms. Both firms are converting former Bitcoin mining sites into data centers for AI cloud services. Microsoft (MSFT) is a confirmed customer for IREN, with capacity largely sold out for the year.

Australian Bitcoin miner IREN reportedly signed a multiyear AI cloud services deal with Anthropic, according to The Information. The deal aims to provide Anthropic with flexible, cost-effective GPU clusters, supporting its growth ahead of a potential IPO. IREN's AI cloud revenue surpassed Bitcoin mining revenue in Q2 2024, with $70.5M in AI cloud revenue compared to $66.7M from mining.

IREN Limited (IREN) shares rose 5% premarket after a report indicated Anthropic signed a multiyear cloud-computing deal with the data-center operator. The agreement supports IREN's expansion into AI infrastructure, complementing its existing $9.7B Microsoft (MSFT) deal. IREN must reclaim the $38-$40 range for a sustainable recovery. Separately, Microsoft unveiled its Maia 300 AI chip, aiming for 2027 production, to reduce reliance on Nvidia (NVDA) and AMD (AMD) processors.