IREN Stock Soars as GPU Fleet Doubles to 23,000 Units
IREN is doubling its AI cloud capacity to 23,000 GPUs after securing an additional 12,400 units, projecting more than $500 million in annualized run-rate revenue by the first quarter of 2026.
The Australia-headquartered bitcoin miner announced the procurement on Monday as its shares rose 9% in premarket trading to nearly $42, extending a rally that pushed the stock to record highs above $38 last week.
The $674 million order includes 7,100 Nvidia B300s, 4,200 Nvidia B200s and 1,100 AMD MI350X GPUs, expanding the company’s lineup beyond Nvidia hardware.
Deliveries will be staged in the coming months at IREN’s Prince George campus in British Columbia, which can ultimately host more than 60,000 Blackwell GPUs. The company also cited expansion opportunities at its Texas sites.
The new fleet will lift IREN’s total to about 23,000 GPUs: 1,900 Nvidia H100s and H200s, 19,100 B200s and B300s, 1,200 GB300s and 1,100 AMD MI350Xs. IREN said it is in talks with customers for multi-thousand-GPU clusters and noted that demand for compute continues to outstrip global supply, with customers increasingly pre-contracting capacity ahead of delivery.
IREN, historically a large-scale bitcoin miner with about 50 EH/s of capacity, has been rapidly redeploying data centers into AI. Financing discussions are underway to support the expansion, though the company said any impact on its bitcoin mining fleet will be mitigated by redistributing ASICs to other sites.
