In a significant development for the tech and investment communities, IREN has announced a remarkable expansion of its AI Cloud capacity, leading to an upbeat surge in pre-market trading. The company’s share price jumped 11% to $43 following the announcement, which revealed that IREN has doubled its AI Cloud capacity to an impressive 23,000 GPUs. With this expansion, the company anticipates elevating its annualized run-rate revenue target to surpass $500 million by the first quarter of 2026.
The ambitious scaling includes a substantial investment of approximately $674 million, which has been allocated to acquire 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs. This strategy indicates IREN’s commitment to enhancing its technological capabilities and product offerings. The hardware deliveries will be staggered over the coming months and will take place at IREN’s primary campus in Prince George, as well as facilities in Texas, which can collectively accommodate over 60,000 Blackwell GPUs.
The expanded fleet now showcases a diverse range of powerful GPUs, including 1,900 NVIDIA H100s and H200s, alongside 19,100 NVIDIA B200s and B300s, 1,200 NVIDIA GB300s, and 1,100 AMD MI350Xs. This incorporation of AMD hardware broadens IREN’s assortment of offerings, thereby enhancing its attractiveness to a wider customer base.
Co-CEO Daniel Roberts emphasized the importance of scaling capabilities in response to the burgeoning global demand for computational power. “Customers are increasingly seeking partners who can deliver scale quickly,” he noted. The rapid doubling of their GPU fleet in just a few months underscores the robustness of IREN’s vertically integrated platform.
Moreover, IREN is in the process of implementing financing strategies aimed at sustaining its growth trajectory while managing potential impacts on its substantial 50 EH/s bitcoin mining operations. This dual focus on growth and stability reflects the company’s proactive approach to navigating the fast-evolving technology landscape as well as the dynamic cryptocurrency market.
