'We've got the power and land': IREN taps Morgan Stanley for US 'hyperscaler' deal
The Sydney-based, Nasdaq-listed miner is leaning further and further into the AI data boom.
Sydney-based, Nasdaq-listed bitcoin miner IREN has revealed its adviser Morgan Stanley is targeting global "hyperscaler" technology companies in a possible sale or lease of a West Texas data centre it's currently developing.
IREN, formerly known as Iris Energy, announced this week it had spent $44 million on 1,080 new Nvidia chips, which, in addition to a previous batch bought earlier this year mean AI data centre services will soon account for 10% of its revenue.
But the company is already working on an even bigger deal after appointing Morgan Stanley in recent months to evaluate monetisation opportunities in the AI data centre market for its assets, including a 1,400 megawatt facility it is building in the US state.
"That could involve a sale of the site," said co-founder Daniel Roberts, "it could involve an ongoing lease payment or annuity, it could involve us building, owning and operating data centres on behalf of one of these companies... it's a blank slate."
