IREN saw a significant increase in its pre-market trading, climbing 11% to $43, following the announcement of an expansion in its AI Cloud capacity. The company has successfully doubled its GPU count to 23,000, setting a new annualized revenue target that exceeds $500 million, anticipated by the first quarter of 2026.
This growth is fueled by a strategic investment of approximately $674 million in advanced hardware, including 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs. These upgrades are set for phased deliveries at IREN’s Prince George campus. The facility, along with those in Texas, is expected to eventually accommodate an expansive network of over 60,000 Blackwell GPUs.
The enhanced fleet now features 1,900 NVIDIA H100s and H200s, 19,100 NVIDIA B200s and B300s, 1,200 NVIDIA GB300s, and 1,100 AMD MI350Xs. By integrating AMD hardware, IREN aims to expand its service offerings and extend its market reach.
Co-CEO Daniel Roberts commented on the development, highlighting the growing global demand for computing power and emphasizing the need for partners capable of rapidly scaling their operations. “Doubling our fleet to more than 23,000 GPUs in just a few months underscores the strength of our vertically integrated platform,” Roberts stated.
In a strategic move to support its accelerated growth, IREN is concurrently engaging in financial initiatives designed to sustain its expansion while minimizing any potential impact on its existing 50 EH/s bitcoin mining operations.
This expansion not only demonstrates IREN’s commitment to meeting the increasing demands of the technology market but also positions it strongly for future growth. By increasing its GPU capacity and diversifying its technology footprint, IREN is poised to enhance its competitive edge in the rapidly evolving AI and computing sectors.