IREN Ltd's stock surged 6.76% in pre-market trading on Wednesday, driven by the announcement of a key infrastructure agreement and a positive analyst action.

The company signed a transmission connection agreement to support its planned 800-megawatt data center campus in Bundey, South Australia. This agreement secures critical grid access for the large-scale project, which marks IREN's first announced data center development in Australia. The campus is designed to support up to 800MW without requiring network upgrades and is targeting first energization from 2028.

Further bolstering investor sentiment, Canaccord Genuity raised its price target on IREN Ltd to $79 from $70. The data center project is also expected to create significant economic benefits, with over 500 construction jobs and more than 200 ongoing skilled roles once operational.