In a significant development, Iren has announced a major expansion of its AI Cloud GPU capacity, with plans to double it to 23,000 units. This strategic move is aimed at capitalizing on the increasing demand for AI services, a sector that is rapidly gaining traction across industries. Following the announcement, Iren’s shares surged by 10% at market open on Monday, reflecting strong market confidence.
The company’s latest acquisition includes a diverse selection of GPUs, comprising 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs, all valued at approximately $674 million. These additional GPUs will be delivered in the upcoming months to the company’s facility located in Prince George, British Columbia.
This expansion follows Iren’s previous announcement in August regarding its plans to enhance its AI infrastructure, a shift that aligns with the broader trend of crypto mining companies pivoting toward high-performance AI computing. At that time, Iren also revealed a $193 million investment intended to scale its AI Cloud operations.
The firm emphasized that the integration of AMD’s hardware alongside NVIDIA’s GPUs would not only bolster its AI capabilities but also enlarge its addressable market. Iren highlighted a robust demand for AI Cloud capacity, noting a significant interest from customers looking to secure capacity ahead of the commissioning phase. The company expressed confidence in its ability to capture this burgeoning demand, asserting that its British Columbia facility is equipped to support over 60,000 Blackwell GPUs. In addition to its main campus in British Columbia, Iren operates other AI data center facilities in Mackenzie and Canal Flats, Canada, and maintains three large-scale sites in West Texas.
With the expansion, Iren’s total AI Cloud fleet will encompass around 23,000 GPUs, including a mix of NVIDIA H100s and H200s, as well as the newly obtained B200s, B300s, and AMD MI350Xs.
The market reaction was varied for the GPU manufacturers; NVIDIA’s stock dipped slightly by 0.8%, while AMD’s shares experienced an uptick of over 2.5%. Retail sentiment towards both companies generally leaned towards a ‘bullish’ outlook over the past day, reflecting positive investor sentiment in the semiconductor industry.
The announcements signify a crucial step for Iren as it positions itself to leverage the growing AI market, aiming for an ambitious target of $500 million in annualized revenue by early 2026.
