IREN Limited has significantly expanded its AI Cloud capabilities, doubling its GPU capacity to 23,000 units by acquiring an additional 12,400 GPUs. This ambitious move is part of a strategic goal to reach an annualized run-rate revenue of over $500 million by the first quarter of 2026.
The recent procurement includes 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs, with the total investment amounting to approximately $674 million. This acquisition underscores a notable trend in the industry: customers increasingly contracting for cloud capacity ahead of delivery.
IREN’s operations will see these new GPUs deployed at its Prince George campus in a phased manner over the coming months, directly supporting its revenue target. The expanded fleet will be a blend of various powerful GPUs, including:
– 1,900 NVIDIA H100s & H200s
– 19,100 NVIDIA B200s & B300s
– 1,200 NVIDIA GB300s
– 1,100 AMD MI350Xs
The decision to incorporate AMD hardware alongside NVIDIA GPUs enhances IREN’s market offerings and allows the company to appeal to a broader customer base. With the demand for AI Cloud services continuing to outstrip global supply, IREN is positioned to capture this surge, especially with its British Columbia campuses boasting the capacity to support over 60,000 Blackwell GPUs.
As part of their growth strategy, financing workstreams are underway to bolster this expansion. Notably, any impact on IREN’s Bitcoin mining operations is expected to be mitigated by reallocating ASICs to other facilities.
Co-Founder and Co-CEO Daniel Roberts articulated the urgency of meeting rising global demand for computing power, emphasizing that companies are seeking rapid partnerships capable of scaling their operations. The recent doubling of IREN’s GPU fleet in just a few months showcases the robustness of its vertically integrated platform and its readiness to satisfy both immediate and long-term demand.
IREN operates as a leading developer and operator of next-generation data centers, which focus on sustainable practices by utilizing 100% renewable energy through Renewable Energy Certificates (RECs). The company’s infrastructure is strategically located in renewable-rich, fiber-connected regions across the U.S. and Canada, supporting high-density computing applications.
IREN’s operational framework includes:
– A total of 2,910 MW of grid-connected power secured across more than 2,000 acres in North America, along with a multi-gigawatt development pipeline.
– Operating data centers with 810 MW of capacity, dedicated to three primary sectors: Bitcoin mining, AI Cloud services, and AI data centers.
– Recognition as one of the largest low-cost Bitcoin producers globally, with a self-mining capacity of 50 EH/s.
The company plans to continue expanding its capabilities in AI Cloud services, providing high-performance cloud computing powered by the latest NVIDIA and AMD GPUs. As demand for AI-centric workloads grows, IREN is also poised to offer end-to-end design, construction, and operation of specialized infrastructure tailored for these applications.
In summary, IREN Limited’s strategic expansions are set to significantly enhance its service offerings in the AI Cloud market, drawing on robust demand and technological advancements.
