IREN appoints Morgan Stanley as Financial Advisor

Core Viewpoint - IREN (Iris Energy Limited) is a leading next-generation data center business focused on Bitcoin mining, AI cloud services, and renewable energy, with significant expansion plans for 2024 [1][10]. Business Update - Bitcoin Mining: The company aims to expand its Bitcoin mining operations to 30 EH/s in 2024, having been operational since 2019 [2]. - AI Cloud Services: IREN has begun providing cloud computing services to AI customers, utilizing 816 NVIDIA H100 GPUs since 2024 [2]. - Next-Generation Data Centers: The company currently operates 260 MW of data centers, with plans to expand to 510 MW in 2024, specifically designed for high-performance computing [2]. - Technology: IREN is developing a technology stack aimed at optimizing performance for AI cloud services, Bitcoin mining, and energy trading operations [2]. - Development Portfolio: The company has secured 2,160 MW of power capacity across North America, with a property portfolio exceeding 1,000 acres and additional development projects in the pipeline [2]. - Renewable Energy Commitment: IREN targets sites with low-cost and underutilized renewable energy, ensuring that its operations are powered by 100% renewable energy sources [2]. Strategic Developments - Financial Advisory: IREN has appointed Morgan Stanley & Co. LLC as a financial advisor to explore monetization opportunities in the AI data center market [7].