IREN said it has signed a transmission connection agreement for a planned 800 MW data center campus in Bundey, South Australia, marking a key infrastructure step for the AI cloud infrastructure company’s expansion. Power supply for the site is expected to begin in 2028. The company said the agreement secures four 330 kV feeder exits, allowing the project to advance without requiring grid upgrades. Investors welcomed the development, sending the stock up as much as 7.6% in premarket trading before it traded 5.6% higher, above $70.