IREN Limited (IREN) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

That said, we will continue to monitor customer demand closely and pursue growth in a disciplined, measured way. This full expansion to 140,000 GPUs will only require about 460 megawatts of power, representing roughly 16% of our total secured power portfolio. This leaves substantial optionality for future growth and importantly, continued scalability across our portfolio. The key takeaway here is that we have substantial near-term growth being actively executed upon, but also have significant and additional organic growth ahead of us. Turning now to slide eight, which highlight the British Columbia data centres supporting our expansion to 140,000 GPUs. At Prince George, our ASIC to GPU swap-out program is progressing well. The same process will soon extend to our McKenzie and Canal Flats campuses, where we expect to migrate ASICs to GPUs with similar efficiency and speed. Together, these sites are allowing us to fast track our growth in supporting high performance AI workloads, scaling it into what is becoming one of the largest GPU fleets in North America. Turning to Childress. where we are now accelerating the construction of Horizons 1 to 4 to accommodate the phase delivery of NVIDIA GB300 NVL72 systems for Microsoft. We've significantly enhanced our original design specifications to meet hyperscale requirements and also further ensure durable long-term returns from our data center assets. The facilities have been engineered to Tier 3 equivalent standards for concurrent maintainability, ensuring continuous operations even during maintenance windows. A key feature of this next phase is the establishment of a network core architecture capable of supporting single 100 megawatt superclusters. A unique configuration that enables high performance AI training for both cu...