Summary by Moomoo AI
Iris Energy Limited (IREN), a leading data center business specializing in Bitcoin mining and AI cloud services, announced a comprehensive business update on July 1, 2024. The update highlighted the company's fully funded expansion plans for 2024, boasting $425.3 million in cash reserves with no debt, and the development of 30 EH/s and 510MW of data centers. The company also outlined a monetization strategy for its power and land assets, including a 1,400MW project in West Texas, exploring options such as asset sales and joint ventures. IREN reported raising $413.4 million through the sale of 39.8 million shares between May 15 and June 28, 2024, with a remaining ATM capacity of $223.2 million. The total number of ordinary shares outstanding as of June 28 was 186,830,776. The company, operational since 2019 for Bitcoin mining and 2024 for AI cloud services, is powered by 100% renewable energy and has a development portfolio of 2,160MW of secured power capacity across North America.
