IREN reached its mid-year goal of 50 EH/s across its mining sites, marking a roughly 50-fold expansion in just 30 months, per a company release.
This follows IREN’s recent closing of an upsized $550 million in 3.50% convertible senior notes due 2029. The notes were initially set at $450 million and then expanded to $500 million plus a $50 million greenshoe. They include a 30% conversion premium and capped call transactions hedging up to a $20.98 per-share cap price.
The 50 EH/s achievement lays the groundwork for Horizon 1, a 50 MW liquid-cooled AI data center slated for delivery in Q4 2025.
Beyond Childress, IREN is advancing its 1.4 GW Sweetwater site in Texas and maintains a multi-gigawatt development pipeline across North America, supporting both bitcoin mining scale-up and its emerging AI infrastructure ambitions.
