Iren Targets $25 Billion in Capital Spending After $25B-$30B Guidance

Iren is targeting $25 billion in capital spending, the low end of its prior $25 billion to $30 billion range, as it weighs cuts and aims to avoid equity or convertible financing.

The company aims to fund the plan without selling equity or issuing convertible securities. Its $25 billion target matches the bottom of its earlier guidance range.

Iren sold computing capacity to Anthropic at $40 million per megawatt. Iren secured a five-year prepayment agreement for a deal valued at $22 million per megawatt.