Iris Energy provides a business update

Iris Energy Limited provided a business update. IREN‘s AI Cloud Services division is expected to be generating approximately $32 million in annualized hardware profit by the end of December 2024, contributing approximately 10% to the company’s overall earnings. GPU Utilization: The company’s current fleet of 816 NVIDIA H100 GPUs is nearing full utilization, with pending contracts expected to cover the remaining capacity. Expansion Plans: IREN is set to commission an additional 1,080 NVIDIA H200 GPUs in Q4 2024, more than doubling its existing AI capacity. Immediate Scalability: AI Cloud Services currently utilize less than 0.5% of IREN’s total data center capacity, providing ample room to scale as additional customer contracts are secured. Next-Generation GPUs: Design and procurement underway to accommodate liquid-cooled hardware, including NVIDIA Blackwell GB200 GPUs, in existing Prince George and Childress data centers. Accelerated Timeline: The target energization date for IREN’s 1.4GW substation at its West Texas data center project has been brought forward to April 2026, earlier than the originally contracted date of October 2026. Key Electrical Items: IREN has engaged an EPC contractor to develop its high and medium-voltage substation infrastructure. Land Expansion: IREN has secured 800 additional acres of land, adding to its existing 500 acres of freehold land, bringing the total landholding to over 1,300 acres. Monetization: Planning is underway for both Bitcoin mining and HPC/AI pathways, with indicative interest from hyperscalers and other interested parties.