IREN Ltd announced early plans for a new 900-megawatt data center campus. The campus, named Redbank, will be located in New South Wales, Australia. This project expands the company's data center ambitions in the country. It could increase IREN's Australian development pipeline to 1.7 gigawatts.
IREN clarified that the Redbank project is not part of its 5-gigawatt secured-power portfolio. The project remains in an early assessment phase. It requires securing a grid connection and obtaining planning approvals. This announcement follows a period of broader weakness in AI cloud stocks amid spending concerns.