NEW YORK, June 3, 2026, 09:14 EDT
- IREN was last at $66.60 before Nasdaq’s regular open, putting shares up $1.25 from the last close. Nasdaq’s regular session was still ahead.
- June 3 doesn’t appear as a 2026 Nasdaq market holiday. Juneteenth, June 19, is the next full U.S. market closure on Nasdaq’s calendar.
- The company this week closed $3.65 billion in GPU financing and announced a plan for an 800-MW data center in South Australia.
IREN Limited climbed ahead of the bell Wednesday after the AI cloud and data-center operator announced it will build an 800 MW campus in Bundey, South Australia. This is its first data-center project announced in Australia. The company said it’s secured a transmission connection agreement. The Nasdaq-listed shares recently traded at $66.60, up $1.25 from where they finished Tuesday.
Timing is key here. Investors are still bidding up companies that can put together land, grid access and GPUs — the chips used in training and running artificial-intelligence models — as big tech buyers look for extra computing power.
IREN said its Bundey project, roughly 78 miles northeast of Adelaide, is set to begin energization in 2028. The site could link to submarine fiber lines to Singapore, Indonesia, South Korea and Japan, the company said. IREN said it now has four 330-kilovolt feeder exits secured at a utility substation, enough to support up to 800 MW without upgrades to the network.
IREN co-founder and co-CEO Daniel Roberts said South Australia has “abundant clean energy” and can connect to the Asia-Pacific. South Australia Premier Peter Malinauskas called data centers “a significant economic opportunity” for the state and pointed to jobs and renewable energy infrastructure.
Australia is next up after IREN closed a $3.65 billion investment-grade GPU financing deal Monday, linked to its AI cloud contract with Microsoft. IREN said the funding package, plus customer prepayments, now covers about 96% of the $5.81 billion in planned GPU capital spending for the Microsoft deal.
IREN’s IE US Hardware 3 LLC disclosed in a U.S. filing it has set up around $1.5 billion in delayed-draw term loans and $2.1 billion in 5.96% senior notes maturing Dec. 31, 2031. The financing is planned for GPU infrastructure and costs tied to GPU services at its Childress, Texas site for Microsoft.
Analysts acted fast. According to StreetInsider, Canaccord’s Joseph Vafi boosted his price target on IREN to $79. Investing.com also noted that Canaccord maintained its Buy rating and raised the target from $70 after a new look at the Microsoft project.
The stock added strength to a pre-market that stayed mixed. Reuters said U.S. futures looked cautious on Wednesday, but Nasdaq 100 futures ticked up, with AI demand still giving a boost to some tech names.
AI-exposed data center stocks showed mixed action before the open. CoreWeave slipped to $119.27. Applied Digital ticked down to $47.86. Core Scientific rose, trading at $29.05. These moves follow uneven competitive signals for CoreWeave, Applied Digital, and Core Scientific, all with exposure to AI cloud and high-density compute, plus Core Scientific’s pivot from crypto mining to HPC.
IREN is looking to cut deployment risk. BE Networks said Monday it was working with IREN to run NVIDIA DSX Air simulations and test network architecture for more than 50,000 Nvidia Blackwell Ultra GPUs before rolling them out. “Extreme precision” is needed at that scale, IREN CTO Denis Skrinnikoff said. PR Newswire
Downside risk centers on execution. The Bundey campus still needs regulatory sign-off, with first energization pushed out to 2028. Microsoft’s financing deal has covenants and default triggers linked to debt service and how the project performs. Delays, grid problems, shifting customers or tougher financing could make the shares more volatile than pre-market trading shows.
