IREN (Iris Energy Limited) (NASDAQ: IREN) (together with its
subsidiaries, "IREN" or “the Company”), a leading next-generation
data center business powering the future of Bitcoin, AI and beyond,
today provided a business update.
Key Highlights
- Previously announced
3-month AI cloud services agreement with leading AI company,
poolside
- Agreement is now
upsized from 248 to 504 NVIDIA H100 GPUs following successful
initial deployment
- Additional 4-month
term commencing mid-April 2024, and extension option for a further
2 months at the customer’s election
IREN has upsized and extended its AI cloud services agreement
with poolside, more than doubling the contracted cluster size from
248 to 504 NVIDIA H100 GPUs.
The contract is for an additional 4-month term commencing
mid-April, 2024, with an extension option for a further 2 months at
the customer’s election.
Eiso Kant, CTO and Co-Founder of poolside, commented:
“We’ve been very impressed with the outperformance of IREN’s
NVIDIA H100 GPU cluster as it sits amongst the best-in-class in
reliability and performance, as well as the IREN team’s commitment
to customer support. Our business has growing demand for GPU
compute and we’re pleased to expand our partnership with IREN to
support our growth.”
Daniel Roberts, Co-Founder and Co-CEO of Iris Energy,
commented:
“The expansion of our partnership with poolside highlights the
quality of our AI Cloud Services business, including our
performance-focused technology stack for AI and next-generation
data centers powered by renewable energy.”
About IREN
IREN is a leading next-generation data center business powering
the future of Bitcoin, AI and beyond utilizing 100% renewable
energy.
- Bitcoin Mining:
providing security to the Bitcoin network, expanding to 20 EH/s in
2024. Operations since 2019.
- AI Cloud Services:
providing cloud compute to AI customers, 816 NVIDIA H100 GPUs.
Operations since 2024.
- Next-Generation Data
Centers: 220MW of operating data centers, expanding to 460MW in
2024. Specifically designed and purpose-built infrastructure for
high-performance and power-dense computing applications.
- Technology:
technology stack for performance optimization of AI Cloud Services,
Bitcoin Mining and energy trading operations.
- Development
Portfolio: 2,160MW of secured power capacity across North America,
>1,000 acre property portfolio and additional development
pipeline.
- 100% Renewable
Energy (from clean or renewable energy sources or through the
purchase of RECs): targets sites with low-cost & underutilized
renewable energy, and supports electrical grids and local
communities.
Contacts
MediaJon Snowball Domestique +61 477 946
068Danielle GhiglieraAircover Communications+1 510 333 2707 |
InvestorsLincoln Tan IREN+61 407 423 395
lincoln.tan@iren.com |
|
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https://iren.com/investor/ir-resources/email-alerts.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements generally relate to future events
or IREN’s future financial or operating performance. For example,
forward-looking statements include but are not limited to the
Company’s business strategy, expected operational and financial
results, and expected increase in power capacity and hashrate. In
some cases, you can identify forward-looking statements by
terminology such as “anticipate,” “believe,” “may,” “can,”
“should,” “could,” “might,” “plan,” “possible,” “project,”
“strive,” “budget,” “forecast,” “expect,” “intend,” “target”,
“will,” “estimate,” “predict,” “potential,” “continue,” “scheduled”
or the negatives of these terms or variations of them or similar
terminology, but the absence of these words does not mean that
statement is not forward-looking. Such forward-looking statements
are subject to risks, uncertainties, and other factors which could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements. In addition, any
statements or information that refer to expectations, beliefs,
plans, projections, objectives, performance or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking.
These forward-looking statements are based on management’s
current expectations and beliefs. These statements are neither
promises nor guarantees, but involve known and unknown risks,
uncertainties and other important factors that may cause IREN’s
actual results, performance or achievements to be materially
different from any future results performance or achievements
expressed or implied by the forward looking statements, including,
but not limited to: Bitcoin price and foreign currency exchange
rate fluctuations; IREN’s ability to obtain additional capital on
commercially reasonable terms and in a timely manner to meet its
capital needs and facilitate its expansion plans; the terms of any
future financing or any refinancing, restructuring or modification
to the terms of any future financing, which could require IREN to
comply with onerous covenants or restrictions, and its ability to
service its debt obligations; IREN’s ability to successfully
execute on its growth strategies and operating plans, including its
ability to continue to develop its existing data center sites and
its ability to diversify into the market for AI Cloud Services ("AI
Cloud") solutions; IREN’s limited experience with respect to new
markets it has entered or may seek to enter, including the market
for AI Cloud solutions; expectations with respect to the ongoing
profitability, viability, operability, security, popularity and
public perceptions of the Bitcoin network; expectations with
respect to the profitability, viability, operability, security,
popularity and public perceptions of any AI Cloud solutions that
IREN offers; IREN’s ability to secure and retain customers on
commercially reasonable terms or at all, particularly as it relates
to its strategy to expand into AI Cloud solutions; IREN’s ability
to manage counterparty risk (including credit risk) associated with
any current or future customers and other counterparties; IREN’s
ability to secure renewable energy, renewable energy certificates,
power capacity, facilities and sites on commercially reasonable
terms or at all; the risk that any current or future customers or
counterparties may terminate, default on or underperform their
contractual obligations; Bitcoin global hashrate fluctuations;
delays associated with, or failure to obtain or complete,
permitting approvals, grid connections and other development
activities customary for greenfield or brownfield infrastructure
projects; IREN’s reliance on power utilities providers, third party
mining pools, exchanges, banks, insurance providers and its ability
to maintain relationships with such parties; expectations regarding
availability and pricing of electricity; IREN’s participation and
ability to successfully participate in demand response products and
services and other load management programs run, operated or
offered by electricity network operators, regulators or electricity
market operators; the availability, reliability and/or cost of
electricity supply, hardware and electrical and data center
infrastructure, including with respect to any electricity outages
and any laws and regulations that may restrict the electricity
supply available to IREN; any variance between the actual operating
performance of IREN’s hardware achieved compared to the nameplate
performance including hashrate; IREN’s ability to curtail its
electricity consumption and/or monetize electricity depending on
market conditions, including changes in Bitcoin mining economics
and prevailing electricity prices; actions undertaken by
electricity network and market operators, regulators, governments
or communities in the regions in which IREN operates; the
availability, suitability, reliability and cost of internet
connections at IREN’s facilities; IREN’s ability to secure
additional hardware, including hardware for Bitcoin mining and AI
Cloud solutions it may offer, on commercially reasonable terms or
at all, and any delays or reductions in the supply of such hardware
or increases in the cost of procuring such hardware; expectations
with respect to the useful life and obsolescence of hardware
(including hardware for Bitcoin mining as well as hardware for
other applications, including AI Cloud solutions IREN may offer);
delays, increases in costs or reductions in the supply of equipment
used in IREN’s operations; IREN’s ability to operate in an evolving
regulatory environment; IREN’s ability to successfully operate and
maintain its property and infrastructure; reliability and
performance of IREN’s infrastructure compared to expectations;
malicious attacks on IREN’s property, infrastructure or IT systems;
IREN’s ability to maintain in good standing the operating and other
permits and licenses required for its operations and business; IREN
ability to obtain, maintain, protect and enforce its intellectual
property rights and other confidential information; whether the
secular trends IREN expects to drive growth in its business
materialize to the degree it expects them to, or at all; the
occurrence of any environmental, health and safety incidents at
IREN’s sites, and any material costs relating to environmental,
health and safety requirements or liabilities; damage to its
property and infrastructure and the risk that any insurance IREN
maintains may not fully cover all potential exposures; ongoing
proceedings relating to the default by two of IREN’s wholly-owned
special purpose vehicles under limited recourse equipment financing
facilities; ongoing securities litigation relating in part to the
default; and any future litigation, claims and/or regulatory
investigations, and the costs, expenses, use of resources,
diversion of management time and efforts, liability and damages
that may result therefrom; IREN’s failure to comply with any laws
including the anti-corruption laws of the United States and various
international jurisdictions; any failure of its compliance and risk
management methods; any laws, regulations and ethical standards
that may relate to IREN’s business, including those that relate to
Bitcoin and the Bitcoin mining industry and those that relate to
any other solutions we may offer (such as AI Cloud solutions),
including regulations related to data privacy, cybersecurity and
the storage, use or processing of information; any intellectual
property infringement and product liability claims; IREN’s ability
to attract, motivate and retain senior management and qualified
employees; increased risks to its global operations including, but
not limited to, political instability, acts of terrorism, theft and
vandalism, cyberattacks and other cybersecurity incidents and
unexpected regulatory and economic sanctions changes, among other
things; climate change, severe weather conditions and natural and
man-made disasters that may materially adversely affect its
business, financial condition and results of operations; the
ongoing effects of COVID-19 or any other outbreak of an infectious
disease and any governmental or industry measures taken in
response; IREN’s ability to remain competitive in dynamic and
rapidly evolving industries; damage to its brand and reputation;
expectations relating to Environmental, Social and Governance
issues or reporting; the costs of being a public company; and other
important factors discussed under the caption “Risk Factors” in
IREN’s annual report on Form 20-F filed with the SEC on September
13, 2023 as such factors may be updated from time to time in its
other filings with the SEC, accessible on the SEC’s website at
www.sec.gov and the Investor Relations section of IREN’s website at
https://investors.iren.com.
These and other important factors could cause actual results to
differ materially from those indicated by the forward-looking
statements made in this press release. Any forward-looking
statement that IREN makes in this press release speaks only as of
the date of such statement. Except as required by law, IREN
disclaims any obligation to update or revise, or to publicly
announce any update or revision to, any of the forward-looking
statements, whether as a result of new information, future events
or otherwise.
Iris Energy (NASDAQ:IREN)
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