IREN ▼ -3.5% - IREN Limited $IREN Says Announced Capacity Now Exceeds 5 GW With Additional Multi-GW Pipeline ? • IREN says announced capacity now exceeds 5 GW, with an additional multi-GW pipeline; expansion is expected to accelerate from 2028 with Sweetwater 2, Kiowa, Bundy and Badajoz. • Existing sites have additional unused power capacity that could support more GPUs and revenue without requiring new grid connections; new liquid-cooling installations at McKenzie, Canal Flats and Prince George are expected to begin in 2027. • Canal Flats will be fully converted to liquid cooling for GB300, while new data center designs developed with Nvidia are being built to support multiple future GPU generations, changing cooling requirements and 800V DC. IREN Limited announced significant capacity expansions exceeding 5 GW with additional multi-GW projects in its pipeline, alongside plans to optimize existing sites and deploy liquid-cooling technology starting in 2027. Despite these bullish operational developments, the stock declined 3.5%, suggesting investors may be focused on the timeline delays—with major capacity acceleration not expected until 2028—or concerned about execution risks on the ambitious expansion plans. 27-AUG-2026 05:23 PM ET