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Iren Ltd (NASDAQ:IREN) is one of the best data center stocks to invest in according to billionaires. Iren Ltd (NASDAQ:IREN) shares have gained around 45% year-to-date and surged 590% over the past 12 months.

Iren Ltd (NASDAQ:IREN) continues to expand its data center capacity as it looks to capitalize on the booming AI-driven demand. On June 3, the company announced plans for an 800-megawatt data center campus in Australia. This is the company’s first data center project in Australia, and one of the largest of its kind in the Asia-Pacific region.

Iren said it has secured a transmission connection agreement for the proposed data center site. The company said this connection gives it access to enough grid capacity to support up to 800 megawatts of power without requiring network upgrades.

The site is expected to begin receiving power in 2028, and the company plans to move forward with early development work as it obtains regulatory approvals.

The campus is located in South Australia, roughly 78 miles northeast of Adelaide. Iren noted that the location offers a major connectivity advantage. The site has access to submarine fiber networks linking major demand centers, including Singapore, Indonesia, South Korea, and Japan. According to Iren, the Asia-Pacific region is one of the world’s fastest-growing AI markets, with demand significantly outpacing capacity.

Iren Ltd (NASDAQ:IREN), based in Australia, builds and operates data centers for AI, cloud services, and crypto mining workloads. The company has partnered with Nvidia and other industry leaders to build AI-ready data centers. Iren’s facilities run on 100% renewable energy.

While we acknowledge the potential of IREN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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