Iris Energy Triples AI Cloud Services Business to 816 NVIDIA H100 GPUs

SYDNEY, Australia, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (together with its subsidiaries, “Iris Energy” or “the Company”), a leading owner and operator of next-generation data centers powered by 100% renewable energy, today announced an expansion to triple its existing AI cloud services business.

Key Highlights

• Additional purchase of 568 NVIDIA H100 GPUs for $22 million¹
• Growing customer demand driving rapid expansion of AI cloud services business
• Iris Energy AI cloud service now enabling customers to train next-generation AI & LLM workloads with up to trillions of parameters
  

Iris Energy is pleased to announce it has purchased a further 568 GPUs to expand its existing AI cloud services business to 816 of the latest-generation NVIDIA H100 GPUs.

The Company is undergoing growing demand for its AI cloud service; now enabling customers to train large next-generation AI & LLM workloads with up to trillions of parameters.

Delivery and commissioning of the additional GPUs is expected during Q2 2024.

Financing workstreams are underway to support ongoing expected growth in the Company’s AI cloud services business.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Iris Energy’s future financial or operating performance. For example, forward-looking statements include but are not limited to the Company’s business strategy, expected operational and financial results, and expected increase in power capacity and hashrate. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “target”, “will,” “estimate,” “predict,” “potential,” “continue,” “scheduled” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.