IREN Reuses Mining Power Contracts to Build AI Data Centers

Iren Limited (Nasdaq: IREN) is repurposing power contracts, on-site substations and land from its Bitcoin-mining operations in Texas to host high-density computing for artificial intelligence workloads.

The company owns multiple Texas campuses and holds long-term energy agreements and on-site substations covering 2.75 GW of signed capacity across the state. Those assets include land and utility hookups that the company plans to use for data center facilities.

The Sweetwater 1 facility is scheduled to come online with roughly 1.4 GW of energy by the end of April. IREN has also identified an additional center expected to access about 750 MW and plans to add further capacity at its campuses.

Data center operators across the U.S. have reported delays securing grid connections and substation capacity. A recent industry report found that about half of planned AI data center investments were delayed or canceled because of energy and infrastructure constraints, with an additional share listed as uncertain. Sites with existing utility agreements and substations are in demand because new interconnections and substations can take years to secure.

On the market, IREN traded near $45.12 after recovering from a year-to-date low of $31.62. The stock historically tracked Bitcoin prices and broader crypto sentiment; in April 2026 investors began focusing on the company’s energy access and AI data center potential. Short interest in the stock was about 18.42% of the free float as of April 22, a level lower than the roughly 30% seen at peak shorting in some peer mining firms.

Bitcoin mining operators built large-scale sites to access low-cost power and direct utility hookups. Those same attributes-high-capacity power feeds, land and substations-are sought by operators building AI infrastructure, which requires sustained, high-density electricity delivery. Some miners are reallocating existing infrastructure while retaining Bitcoin reserves and limited self-mining operations.