Iren's Sweetwater Announcement Suggests Larger Gigawatt Pipeline Than Publicly Disclosed
Iren (IREN) recently announced progress at its Sweetwater data center site, which is expected to reach a total capacity of 2 gigawatts in two phases. The first phase will deliver 1.4 gigawatts by Q4 2027 and could generate $6 billion to $7.5 billion annually from the initial 300 megawatts alone. The announcement also hinted at a broader development pipeline with additional large-scale projects in progress, though Iren only discloses sites after securing grid connection agreements. This suggests that its publicly stated 5.8 gigawatt portfolio may be significantly smaller than what is actually under development. Comparisons to companies like New Era Energy & Digital and Hut 8 indicate that undisclosed developmental sites can represent a substantial portion of total capacity, potentially pushing Iren's pipeline beyond the public number.
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