IREN Ltd (NASDAQ:IREN) stock rose 10.3% in premarket trading Monday following the company’s announcement that it has doubled its AI Cloud GPU capacity to 23,000 units and set an ambitious revenue target.
The firm acquired an additional 12,400 GPUs—comprising 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs—for roughly $674 million. With this expansion, Iris Energy is now aiming for more than $500 million in AI Cloud annualized run-rate revenue by Q1 2026.
Deliveries are expected to occur over the next few months at the company’s Prince George campus in British Columbia. The upgraded fleet will feature 1,900 NVIDIA H100s and H200s, 19,100 NVIDIA B200s and B300s, 1,200 NVIDIA GB300s, and 1,100 AMD MI350Xs.
IREN highlighted that AI Cloud demand continues to outstrip global supply, with customers increasingly seeking to lock in capacity ahead of deployment. Its British Columbia facilities can reportedly accommodate more than 60,000 Blackwell GPUs, in addition to the company’s Texas data centers.
“As global demand for compute accelerates, customers are increasingly seeking partners who can deliver scale quickly,” said Daniel Roberts, Co-Founder & Co-CEO of IREN. “Doubling our fleet to more than 23,000 GPUs in just a few months highlights the strength of our vertically integrated platform and our ability to meet urgent, long-term demand.”
The company also stated that it is exploring financing options to support this growth, including plans to redeploy ASICs to other sites to limit any disruption to its Bitcoin mining operations.
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