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IREN Guides $25B–$30B CapEx for 2026–2028 AI Data Center Expansion

IREN (Iris Energy) logoIREN (Iris Energy)
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Management is guiding to $25 billion-$30 billion of capital expenditure for 2026 deployments, 2027 air-cooled capacity, part of a liquid-cooled buildout, and early 2028 work. IREN cites about $14 billion in existing cash, including $7.6 billion as of June 30, plus committed GPU financing and customer prepayments (45%-55% of GPU capex). Capacity targets total 0.3 GW in 2026 and 0.8 GW in 2027, with more than 5 GW in pipeline. Contracted 2026 capacity includes $4 billion of ARR versus $1 billion operating now, amid continued financing from

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