IREN Surges Over 7.6% in Pre-market Trading, Signs Power Transmission Agreement to Support 800MW Data Center Campus Development

BlockBeats News, June 3rd, according to Bitget market data, AI cloud infrastructure company IREN's pre-market trading price once increased by 7.6%, currently up by 5.6%, with the stock price breaking through $70.

IREN disclosed that it has signed a power transmission connection agreement to support an 800-megawatt data center campus planned to be built in the Bungama project in South Australia, with power supply expected to start in 2028. This is IREN's first data center project announced in Australia and one of the largest data center projects in the Asia-Pacific region to date. The power transmission connection agreement ensures the exit of four 330 kV feeders from the power company's substation, with the capacity to transmit up to 800 megawatts without the need to upgrade the grid. IREN expects to initiate early-stage engineering and procurement work concurrently after meeting the regulatory approvals and conditions stipulated in the power transmission connection agreement.