# IREN Data Center Capex and Sites Source: https://savrn.com/data-center-capital-atlas/company/iren Markdown alternate of the page above; the site index is https://savrn.com/llms.txt --- Named sites 1 Site-level commitments the atlas ties to IREN Disclosed site capital n.a. Sum of named sites with a stated dollar figure. Not a capex total; see the spending table Disclosed capacity 750 MW Sum of named sites with a stated megawatt figure Financing transactions 10 Transactions naming IREN or tied to one of its sites Spending ## Reported and guided spending Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined. | Period | Kind | Amount | As stated | Sources | | --- | --- | --- | --- | --- | | announced Nov 2025 | reported | ~$5.8B | ~$5.8 billion of GPU and equipment purchases from Dell supporting the Microsoft deployment | | | FY26 (year ended 30 June 2026) | reported | $4.3B | $4,333.1 million of combined property, plant and equipment and computer hardware investing outflows for the year ended 30 June 2026 | | Named sites ## Where IREN builds Texas 1 site Open the Texas investment tracker → | Site | State | Place | Capital | MW | Status | Sources | | --- | --- | --- | --- | --- | --- | --- | | Childress campus (Horizon 1-4)with Microsoft, Dell | [Texas](https://savrn.com/data-center-capital-atlas/texas) | Childress | n.a. | 750 | construction | | Financing ## Financing transactions Transactions that name IREN as a party or attach to one of its named sites. Amounts are as stated; overlapping commitments are never summed. | Parties | Instrument | Amount | Date | Site | Sources | | --- | --- | --- | --- | --- | --- | | IREN + MicrosoftAI cloud agreement deploying Nvidia GB300 systems in four Horizon 1-4 phases totaling 200MW of critical IT load at Childress, Texas. | other | ~$9.7B | November 3, 2025 | Childress campus (Horizon 1-4) (TX) | | | IREN + DellEquipment purchases backing the Microsoft deployment. | other | ~$5.8B | announced with the Microsoft agreement, November 2025 | Childress campus (Horizon 1-4) (TX) | | | IREN LimitedIREN issued $3.0 billion of 1.00% Convertible Senior Notes due 2033 on 14 May 2026 in a Rule 144A offering, including $400 million from the full exercise of the initial purchasers' option. Net proceeds were about $2.96 billion; $201.3 million funded capped call transactions (initial cap price $110.30 per share, a 100% premium to the $55.15 share price on 11 May 2026), and the remainder is for general corporate purposes and working capital. Corporate-level financing, not tied to one site. | convertible | ~$3.0B | Priced 11 May 2026; closed 14 May 2026 (Form 8-K) | n.a. | | | IREN + Blue Owl + Pacific Investment Management Company LLCIn its FY26 results release of 27 August 2026, IREN disclosed $2.8 billion of new GPU financings funding 90% of associated GPU capex for non-investment-grade customer deployments. The disclosed component is a $2.4 billion financing led by Blue Owl and Pacific Investment Management Company LLC at a 9.0% fixed rate for the Mackenzie air-cooled expansion in British Columbia; together with customer prepayments it provides funding in excess of GPU capex. Separately, a $3.6 billion investment-grade GPU financing at 6.0% supports the Microsoft contract and, with prepayments, funds 96% of associated GPU capex. Blue Owl's own announcement of 28 August 2026 describes the $2.4 billion component as an AI factory financing split into a $1.2 billion senior secured term loan and $1.2 billion of senior secured notes, both at 9%, maturing two and a half years after funding, structured to let IREN purchase Nvidia Blackwell Ultra GPUs in stages, supporting the Mackenzie campus in British Columbia. | debt facility | $2.8B | Disclosed 27 August 2026 | n.a. | | | IREN + Undisclosed AI developersIREN reported $2.8 billion of new multi-year contracts with AI developers and raised its year-end 2026 AI Cloud annualized run-rate revenue target from $3.7 billion to over $4 billion. Customer prepayments cover approximately 45% of GPU capex on recent contracts. This is a customer contract total, distinct from the $2.8 billion GPU financing already recorded | other | $2.8B | Announced 20 July 2026 | n.a. | | | IREN LimitedIREN issued $1.15 billion of 0.25% convertible senior notes due 2032 and $1.15 billion of 1.00% convertible senior notes due 2033 on 8 December 2025, each including $150 million from full exercise of the initial purchasers' options, for net proceeds of about $2,270.0 million. It used $201.0 million for capped calls and, together with a concurrent registered direct offering of 39,699,102 ordinary shares at $41.12 per share, repurchased about $227.7 million principal of its 2030 convertibles for about $608.2 million and about $316.6 million principal of its 2029 convertibles for about $1,024.2 million, leaving $2,068.0 million for general corporate purposes and working capital. | convertible | ~$2.3B | Priced 2 December 2025; closed 8 December 2025 (Form 8-K) | n.a. | | | IREN LimitedIREN issued $1.0 billion of 0.00% Convertible Senior Notes due 2031 on 14 October 2025, including $125 million from the full exercise of the initial purchasers' option. Net proceeds were about $979.0 million; $56.7 million funded capped call transactions with Citibank, Santander, Mizuho and Wells Fargo, and the remainder is for general corporate purposes and working capital. Corporate-level financing, not tied to one site. | convertible | ~$1.0B | Priced 8 October 2025; closed 14 October 2025 (Form 8-K) | n.a. | | | IREN + MirantisIREN completed its acquisition of Mirantis, a cloud software company serving more than 1,500 enterprise customers, to add orchestration, monitoring and support software to its AI Cloud platform | acquisition | ~$625M | Completed 4 August 2026 | n.a. | | | IREN LimitedIREN priced $500 million of 3.50% convertible senior notes due 2029 on 11 June 2025 in a Rule 144A offering, upsized from $450 million, at a 30% conversion premium. Estimated net proceeds were about $486.1 million, of which $48.9 million funded capped calls (initial cap price $20.98 per share) and about $92.5 million a prepaid forward, with the remainder for general corporate purposes and working capital. Corporate-level financing, not tied to one site. | convertible | ~$500M | Priced 11 June 2025 (company release on Form 6-K) | n.a. | | | IREN + Undisclosed frontier AI labIREN disclosed a new multi-year AI Cloud contract with a leading frontier AI lab in its FY26 results release of 27 August 2026, alongside signings with Cohere, Prometheus, Perplexity, Figure AI, Fal AI and Higgsfield AI. The company reported $4 billion of contracted annualized run-rate revenue for 2026 capacity against $1 billion of operating ARR as at 26 August 2026, and described 2026 capacity as largely sold out. It also disclosed that recent three-year contracts were signed at more than $20 million of revenue per MW of IT capacity, representing an approximately two-year payback, with active discussions at approximately $25 million per MW, and that recent customer prepayments represent 45-55% of GPU capex. | other | n.a. | Disclosed 27 August 2026 | n.a. | | The record ## Sourced facts on IREN - IREN holds a 3GW secured North American power portfolio backing its AI cloud buildout. - Recent three-year contracts were signed at more than $20 million of revenue per MW of IT capacity, representing an approximately two-year payback, with active discussions at approximately $25 million per MW. Recent customer prepayments represent 45-55% of GPU capex. - IREN targets cumulative delivery of approximately 0.3 GW-IT in 2026 and 0.8 GW-IT in 2027 across a data center pipeline it describes as exceeding 5 GW, with development progressing at Sweetwater (Texas), Kiowa (Oklahoma), Bundey (Australia) and Badajoz (Spain) and new liquid-cooled deployments planned at Mackenzie, Canal Flats and Prince George in 2027. Sources ## Sources for IREN Every source cited on this page, once each. The full atlas source register is at [Capital Atlas sources](https://savrn.com/data-center-capital-atlas/sources). - iren.com[IREN](https://iren.com/resources/blog/iren-signs97-billion-agreement-with-microsoft-to-deploy-ai-cloud-infrastructure) - sec.gov[SEC EDGAR (IREN 8-K)](https://www.sec.gov/Archives/edgar/data/1878848/000114036126032638/ef20080141_ex99-1.htm) - sec.gov[IREN Form 8-K, 14 May 2026](https://www.sec.gov/Archives/edgar/data/1878848/000114036126021285/ef20073507_8k.htm) - sec.gov[SEC EX-99.1 (IREN FY26 results)](https://www.sec.gov/Archives/edgar/data/1878848/000187884826000051/irenreportsfy26results.htm) - blueowl.com[Blue Owl Capital](https://www.blueowl.com/news/blue-owl-managed-funds-lead-24-billion-ai-factory-financing-iren) - prnewswire.com[PR Newswire](https://www.prnewswire.com/news-releases/blue-owl-managed-funds-lead-2-4-billion-ai-factory-financing-for-iren-302863057.html) - sec.gov[SEC EDGAR (IREN 8-K)](https://www.sec.gov/Archives/edgar/data/1878848/000114036126028871/ef20078253_ex99-1.htm) - theglobeandmail.com[MarketBeat via The Globe and Mail](https://www.theglobeandmail.com/investing/markets/stocks/IREN/pressreleases/3406240/irens-28-billion-ai-contract-haul-changes-the-stocks-story/) - sec.gov[IREN Form 8-K, 8 December 2025](https://www.sec.gov/Archives/edgar/data/1878848/000114036125044888/ef20060782_8k.htm) - sec.gov[IREN Form 8-K, 14 October 2025](https://www.sec.gov/Archives/edgar/data/1878848/000114036125038083/ef20056955_8k.htm) - sec.gov[SEC EDGAR (IREN 8-K)](https://www.sec.gov/Archives/edgar/data/1878848/000114036126031053/ny20079234x2_ex99-1.htm) - siliconangle.com[SiliconANGLE](https://siliconangle.com/2026/05/05/ai-data-center-operator-iren-acquire-mirantis-625m/) - sec.gov[IREN release (Form 6-K Exhibit 99.1), 11 June 2025](https://www.sec.gov/Archives/edgar/data/1878848/000114036125022117/ef20050462_ex99-1.htm) ### NeoCloud and GPU cloud: one page each [Applied Digital 5](https://savrn.com/data-center-capital-atlas/company/applied-digital)[Bitdeer Technologies Group 2](https://savrn.com/data-center-capital-atlas/company/bitdeer)[Cerebras Systems 6](https://savrn.com/data-center-capital-atlas/company/cerebras)[Cipher Digital Inc. 0](https://savrn.com/data-center-capital-atlas/company/cipher-digital)[Core Scientific 2](https://savrn.com/data-center-capital-atlas/company/core-scientific)[CoreWeave 4](https://savrn.com/data-center-capital-atlas/company/coreweave)[Corvex, Inc. 0](https://savrn.com/data-center-capital-atlas/company/corvex)[Crusoe Energy 5](https://savrn.com/data-center-capital-atlas/company/crusoe-energy)[Fluidstack 2](https://savrn.com/data-center-capital-atlas/company/fluidstack)[Galaxy Digital Inc. 1](https://savrn.com/data-center-capital-atlas/company/galaxy-digital)[Groq 1](https://savrn.com/data-center-capital-atlas/company/groq)[Hut 8 Corp. 1](https://savrn.com/data-center-capital-atlas/company/hut8)[IREN 1](https://savrn.com/data-center-capital-atlas/company/iren)[Lambda (Lambda Labs) 2](https://savrn.com/data-center-capital-atlas/company/lambda)[Nebius Group 4](https://savrn.com/data-center-capital-atlas/company/nebius-group)[Nscale 2](https://savrn.com/data-center-capital-atlas/company/nscale)[Poolside 1](https://savrn.com/data-center-capital-atlas/company/poolside)[SambaNova Systems 0](https://savrn.com/data-center-capital-atlas/company/sambanova)[Sesterce 3](https://savrn.com/data-center-capital-atlas/company/sesterce)[TeraWulf 1](https://savrn.com/data-center-capital-atlas/company/terawulf)[Together AI 0](https://savrn.com/data-center-capital-atlas/company/together-ai)[Voltage Park 6](https://savrn.com/data-center-capital-atlas/company/voltage-park)[Vultr 1](https://savrn.com/data-center-capital-atlas/company/vultr)[WhiteFiber, Inc. 2](https://savrn.com/data-center-capital-atlas/company/whitefiber) The figure beside each provider is its count of named sites in the atlas. Part of the [North American Data Center Capital Atlas](https://savrn.com/data-center-capital-atlas), refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice. The SAVRN reference set ## Seven references, one system Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it. Delay Watchlist Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue. [Open the watchlist →](https://savrn.com/data-center-delay-tracker) Moratorium Tracker The policy layer: every state measure and local moratorium mapped and cited, with one page per state. Open the tracker → Water Tracker Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger. Open the water tracker → Grid Operator Watchlist ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize. Open the watchlist → Permits and Power Development Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records. Open the permits tracker → SAVRN Scarcity Tracker Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling. Open the scarcity tracker → Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding. [Check an address →](https://savrn.com/site-intelligence)