Shares of Iris Energy Ltd (IREN) surged over 5% in pre-market trading on Friday, as investors cheered the company's plans for a major new data center project in Texas.
According to reports, Iris Energy has registered a new large-scale data center named the "Bull Data Center" near its existing 1.4 GW Sweetwater facility in Texas. This project has been designated as a "qualified large data center project" by the Texas Comptroller, opening up potential tax exemptions on essential equipment.
Analysts view the Bull Data Center as a strategic move by Iris Energy to expand its Sweetwater operations. The company is reportedly exploring selling or leasing adjacent land parcels to future clients, while maintaining control over the project's operations and tax benefits. This structure could allow Iris Energy to monetize the site through strategic partnerships and land sales, while leveraging the associated regulatory advantages.
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