share_log

Iris Energy | 6-K: Report of foreign private issuer [Rules 13a-16 and 15d-16]

SEC announcement ·  Apr 1 07:05
Summary by Moomoo AI
Iris Energy Limited, operating under the name IREN, announced on April 1, 2024, that its expansion plans for 2024 are now fully funded. The expansion includes the development of 460MW of data centers and the scaling of Bitcoin mining operations to 20 EH/s. The funding was secured following the completion of a targeted ATM equity raising program, which raised $72 million in gross proceeds from the sale of 13.6 million shares. As of March 29, 2024, the company reported having $301 million in cash with no debt. IREN also announced the commencement of quarterly reporting, starting with the quarter ending March 31, 2024. The company's AI Cloud Services are expanding with 816 NVIDIA H100 GPUs, which are expected to generate an estimated $14-17 million of annualized hardware profit. Additionally, the company provided an update on the construction of its Childress data center, with Phase 1 nearing completion and Phase 2 & 3 underway, which will support the expansion to 20 EH/s. IREN emphasized its use of 100% renewable energy and its growth across AI Cloud Services and Bitcoin mining.
Iris Energy Limited, operating under the name IREN, announced on April 1, 2024, that its expansion plans for 2024 are now fully funded. The expansion includes the development of 460MW of data centers and the scaling of Bitcoin mining operations to 20 EH/s. The funding was secured following the completion of a targeted ATM equity raising program, which raised $72 million in gross proceeds from the sale of 13.6 million shares. As of March 29, 2024, the company reported having $301 million in cash with no debt. IREN also announced the commencement of quarterly reporting, starting with the quarter ending March 31, 2024. The company's AI Cloud Services are expanding with 816 NVIDIA H100 GPUs, which are expected to generate an estimated $14-17 million of annualized hardware profit. Additionally, the company provided an update on the construction of its Childress data center, with Phase 1 nearing completion and Phase 2 & 3 underway, which will support the expansion to 20 EH/s. IREN emphasized its use of 100% renewable energy and its growth across AI Cloud Services and Bitcoin mining.
Helpful
Not Helpful

This announcement is a separate document:

Doc 1

Doc 2

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more