IREN Expands Liquid Cooling Across AI Data Centers: Can Returns Rise?

IREN Limited IREN is expanding its liquid-cooled data center infrastructure to capitalize on growing demand for artificial intelligence (AI) computing. The strategy aims to support advanced NVIDIA GPUs, increase computing capacity and generate more revenues from existing power infrastructure. By deploying additional GPUs at facilities with available power, IREN could improve asset utilization without requiring new grid connections. The company is advancing liquid-cooled deployments across several locations. At Childress, TX, IREN delivered Horizon 1, a 50-megawatt (MW) IT deployment for Microsoft, in August 2026. Three additional 50-MW deployments are targeted for fourth-quarter 2026 delivery.