Crypto and IREN is planning to develop a 75MW AI data center in Texas.

The company revealed the plans as part of its Q2 2025 earning report this week, also announcing another campus in Sweetwater, Texas.

AI data center firm IREN (also known as Irish Energy) is planning to deploy a new 75MW liquid-cooled data center for AI/HPC at its Childress site in Texas.

The facility will be known as Horizon 1 and is set for completion in H2 2025. It will be designed to support 200kW per rack via direct-to-chip cooling to host Nvidia Blackwell GPUs.

The company said it intends to invest $300-350 million in the project. The 420-acre Childress site totals 750MW, with some 450MW currently energized. Around 675MW of the site – located outside Childress County, Texas – is currently earmarked for Bitcoin mining.

IREN is also planning a new 600MW site known as Sweetwater 2. Energization on the 500-acre site – located outside Sweetwater in Fisher County, West Texas – is expected in 2028.

Energization of the 1.4GW Sweetwater 1 site is on-track for April 2026.

At full build-out, the two Sweetwater sites are set to total 2GW. Design work is underway for a direct fiber loop between Sweetwater 1 & 2.

IREN’s AI cloud service revenue for Q2 was $2.7 million, down from $3.2m the previous quarter. It posted Bitcoin mining revenue of $113.5 million for the quarter – vs $49.6 million in Q1 2025. Net electricity costs remained flat at $28.9 million. Adjusted EBITDA was $62.6 million, up from $2.6 million in Q1. Net profit after income tax was $18.9 million, up from a $51.7 million loss in the first quarter.

“We are pleased to report our Q2 FY25 results with record revenue and operating cashflow,” said Daniel Roberts, co-founder and co-CEO of IREN. “The strategic investments we have made in scale and efficiency are starting to flow through to our earnings and we expect this momentum to continue.”

Roberts described the new data centers as “transformative growth initiatives” for the company.

IREN was founded in 2019. As well as the Childress and Sweetwater sites, the company operates the 30MW Canal Flats site in British Columbia, Canada; the 80MW Mackenzie site, also in British Columbia; and the 50MW Prince George site, again in BC.

Amid increased demand for capacity and limited supply, crypto-focused companies with ample amounts of cheap power are pivoting to serve AI cloud firms. The likes of Hive Digital Technologies, Northern Data, Applied Digital, Iris Energy, Mawson Infrastructure, and Crusoe are just some of those that have made the shift.