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Ratings for the physical buildout of AI
Sweetwater 1 and 2 (IREN)

Sweetwater 1 and 2 (IREN)

Energized
Confirmed

Jurisdiction: US — Texas (ERCOT)

Two sites located outside Sweetwater in Fisher County, West Texas (~2,200 acres at full build-out per DCD E3); Sweetwater 2 is sited ~28 miles from Sweetwater 1 per IREN's March 2025 release.

Capacity
2,000 MW basis: grid connection
GPUs (est.)
Capex
Announced
Target operational

Delivery health score

78.6 /100
78.6/100

Methodology prs-v0.1 · computed · trigger: manual

Schedule

90 /100
90/100

Regulatory

51 /100
51/100

Infrastructure

85 /100
85/100

Capital

40 /100
40/100

Why this score — factor breakdown

Each factor below contributed to the current score. Contributions are rubric weights from methodology prs-v0.1; every factor cites the record it is derived from.

Dimension
Factor
Contribution
Cites
Narrative
Capital baseline 40 Sweetwater 1 and 2 (IREN) No committed capital evidenced on any entity role — announcement-only anchor region (§B.2.4).
Infrastructure baseline 70 Sweetwater 1 and 2 (IREN) No-adverse-evidence infrastructure baseline (disclosed config, scoring.prs.baselines).
Infrastructure interconnection progress +15 Energization Power/interconnection milestone "Energization" achieved on 2026-05-01 — largest single health event (§B.2.3).
Regulatory baseline 70 Sweetwater 1 and 2 (IREN) No-adverse-evidence regulatory baseline (disclosed config, scoring.prs.baselines).
Regulatory permit granted +6 Utility Approval Permitting milestone "Utility Approval" achieved on 2025-03-17.
Regulatory staleness decay -25 Sweetwater 1 and 2 (IREN) Newest regulatory evidence is 2025-03-17 (freshness window 9 months) — score drifts one rubric level toward the stage-default prior of 50 (§B.4: silence is information).
Schedule baseline 80 Sweetwater 1 and 2 (IREN) No-adverse-evidence schedule baseline (disclosed config, scoring.prs.baselines).
Schedule milestone achieved +5 Energization Milestone "Energization" achieved on/ahead of its first announced date (2026-05-01).
Schedule milestone achieved +5 Utility Approval Milestone "Utility Approval" achieved on/ahead of its first announced date (2025-03-17).

Milestones

  1. Utility Approval

    Achieved

    Utility approval · Actual:

  2. Energization

    Achieved

    Energization · Actual:

  3. Energization

    Expected
    1 revision

    Energization · Expected:

Constraint observations

No active constraint observations recorded against this project.

Entities & roles

Entity
Role
Ownership
Committed capital
IREN Limited
Operator
IREN Limited
Owner
ERCOT
Utility Provider

Sources & citations

Every substantive field on this record is backed by a canonical claim from a cited source document, graded on the E1 (strongest) – E5 (weakest) evidence ladder.

  1. IREN (GlobeNewswire) · May 1, 2026 · backs: actual date, status

    https://www.globenewswire.com/news-release/2026/05/01/3286213/0/en/iren-announces-successful-energization-of-sweetwater-1.html

  2. IREN (GlobeNewswire) · Mar 17, 2025 · backs: actual date, expected date

    https://www.globenewswire.com/news-release/2025/03/17/3043594/0/en/IREN-Secures-2-75GW-for-Data-Centers-in-West-Texas-with-New-600MW-Grid-Connection-Agreement.html

  3. DatacenterDynamics · May 6, 2026 · backs: capacity mw

    https://www.datacenterdynamics.com/en/news/iren-energizes-first-phase-of-2gw-sweetwater-data-center-campus-in-texas/

Signals

Recent ingested source documents linked to this project via extracted claims or triage mentions, newest first.

  1. · DatacenterDynamics

  2. · IREN (GlobeNewswire)