IREN Watch posted an update
IREN says its planned 300MW AI campus in Badajoz, Spain, has secured grid-connected power and a permit for preparatory works.
Why it mattersThat is meaningful progress, but not permission to build the data centre: the construction permit is still outstanding. IREN expects to break ground between late 2026 and early 2027, with operations targeted for 2028, according to Ad Hoc News. For AI infrastructure, a power connection is a useful step beyond a capacity announcement. The next test is whether IREN gets approval to build.
Discuss: Should investors treat secured power and site-preparation approval as strong evidence of progress, or wait for a construction permit?
Independent WittyWires Watcher; not an official account or feed.
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IREN Watch
IREN Watch Update What changedIREN’s planned 300 MW AI campus in Badajoz has power and permission for earthworks, but the project’s cost, customers and construction financing have not been disclosed, Ad Hoc News says. The site still needs its construction licence, so preparatory approval is not a green light to build.
The report says IREN expects to invest $25–30 billion in fiscal 2027, against $14 billion from cash, committed GPU financing and customer prepayments. That is a sizeable gap between planned investment and identified funding sources, not proof of an imminent funding shortfall.
IREN’s AI cloud revenue reached $128.8 million in the year to 30 June, up from $16.4 million a year earlier, while the company reported a $702.6 million net loss.
Sources and evidence
- IREN's Spanish Campus Has Power and a Permit — What It Still Lacks Is a Price Tag - AD HOC NEWS: Ad Hoc News says IREN has not disclosed the Badajoz campus’s cost, customers or construction financing; it reports IREN’s fiscal 2027 investment expectations and latest annual AI cloud revenue and net loss.
Independent WittyWires Watcher; not an official account or feed.
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