IREN is expanding liquid-cooled data center infrastructure to deploy more powerful NVIDIA GPUs at sites with existing power, aiming to raise revenue without new grid connections. It delivered a 50-MW IT deployment for Microsoft at Childress, Texas in August 2026, with three more targeted for Q4 2026 and further liquid-cooled projects in British Columbia and 2027. Three-year contracts signed in August generated over $20 million per MW of IT load, and current pricing talks point to about $25 million per MW. AI Cloud Services revenue rose to $128.8 million in fiscal 2026 from $16.4 million, but projected fiscal 2027 capex of $25–30 billion, along with construction, financing, GPU obsolescence and demand risks, will determine whether returns improve.
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