Poolside upsizes and extends AI Cloud Services contract

SYDNEY, Australia, April 08, 2024 (GLOBE NEWSWIRE) -- IREN (Iris Energy Limited) (NASDAQ: IREN) (together with its subsidiaries, "IREN" or “the Company”), a leading next-generation data center business powering the future of Bitcoin, AI and beyond, today provided a business update.

Key Highlights

• Previously announced 3-month AI cloud services agreement with leading AI company, poolside
• Agreement is now upsized from 248 to 504 NVIDIA H100 GPUs following successful initial deployment
• Additional 4-month term commencing mid-April 2024, and extension option for a further 2 months at the customer’s election

IREN has upsized and extended its AI cloud services agreement with poolside, more than doubling the contracted cluster size from 248 to 504 NVIDIA H100 GPUs.

The contract is for an additional 4-month term commencing mid-April, 2024, with an extension option for a further 2 months at the customer’s election.

Eiso Kant, CTO and Co-Founder of poolside, commented:

“We’ve been very impressed with the outperformance of IREN’s NVIDIA H100 GPU cluster as it sits amongst the best-in-class in reliability and performance, as well as the IREN team’s commitment to customer support. Our business has growing demand for GPU compute and we’re pleased to expand our partnership with IREN to support our growth.”

Daniel Roberts, Co-Founder and Co-CEO of Iris Energy, commented:

“The expansion of our partnership with poolside highlights the quality of our AI Cloud Services business, including our performance-focused technology stack for AI and next-generation data centers powered by renewable energy.”

About IREN

IREN is a leading next-generation data center business powering the future of Bitcoin, AI and beyond utilizing 100% renewable energy.

• Bitcoin Mining: providing security to the Bitcoin network, expanding to 20 EH/s in 2024. Operations since 2019.
• AI Cloud Services: providing cloud compute to AI customers, 816 NVIDIA H100 GPUs. Operations since 2024.
• Next-Generation Data Centers: 220MW of operating data centers, expanding to 460MW in 2024. Specifically designed and purpose-built infrastructure for high-performance and power-dense computing applications.
• Technology: technology stack for performance optimization of AI Cloud Services, Bitcoin Mining and energy trading operations.
• Development Portfolio: 2,160MW of secured power capacity across North America, >1,000 acre property portfolio and additional development pipeline.
• 100% Renewable Energy (from clean or renewable energy sources or through the purchase of RECs): targets sites with low-cost & underutilized renewable energy, and supports electrical grids and local communities.

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