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Iris Energy Limited provided a business update. IREN’s AI Cloud Services segment is expected to generate approximately $32 million in annual hardware profits by the end of December 2024, contributing approximately 10% of the company’s overall revenue. GPU Utilization: The company’s current 816 NVIDIA H100 GPUs are nearing full utilization, with pending contracts expected to cover remaining capacity. Expansion plans: IREN plans to bring on board an additional 1,080 NVIDIA H200 GPUs in Q4 2024, more than doubling its existing AI capacity. Instant scalability: AI cloud services currently utilize less than 0.5% of IREN’s total data center capacity, giving it plenty of room to expand as additional customer commitments are secured. Next-generation GPUs: Design and procurement is underway to house water-cooled hardware, including NVIDIA Blackwell GB200 GPUs, in existing Prince George and Childress data centers. Accelerated schedule: The target energization date for the 1.4GW substation at IREN’s West Texas data center project has been brought forward to April 2026, earlier than the original contract date of October 2026. Major Electrical Items: IREN contracts with EPC contractors for high-voltage and medium-voltage substation infrastructure. Land Expansion: IREN has secured an additional 800 acres of land in addition to its existing 500 acres of freehold land, bringing its total land holdings to more than 1,300 acres. Monetization: Plans are underway for both Bitcoin mining and HPC/AI pathways, with interest from hyperscalers and other parties.
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