TLDR
- IREN shares jumped 11% in pre-market trading to $43 after announcing doubled AI cloud capacity
- Company invested $674 million in 12,400 new GPUs from NVIDIA and AMD
- AI Cloud fleet now totals 23,000 GPUs with capacity staged at Prince George campus
- Annual run-rate revenue target raised to over $500 million by Q1 2026
- Customer demand strong with pre-contracting trend for Blackwell clusters ahead of delivery
IREN shares surged 11% in pre-market trading Monday after the bitcoin mining company announced a major expansion of its AI cloud business. The stock hit $43 as investors responded to news of doubled GPU capacity and raised revenue targets.
The company invested approximately $674 million to acquire 12,400 new graphics processing units. The purchase includes 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs.
This investment brings IREN’s total AI cloud capacity to 23,000 GPUs. The expanded fleet now includes various NVIDIA models and AMD hardware, broadening the company’s customer reach.
Staged Deployment at Prince George Campus
The new GPU deliveries will be staged over the coming months at IREN’s Prince George campus. This facility, along with Texas locations, can eventually host over 60,000 Blackwell GPUs.
The complete fleet breakdown shows 1,900 NVIDIA H100s and H200s, 19,100 NVIDIA B200s and B300s, 1,200 NVIDIA GB300s, and 1,100 AMD MI350Xs. The addition of AMD hardware diversifies IREN’s technology stack.
Co-CEO Daniel Roberts highlighted the rapid scaling ability. “Doubling our fleet to more than 23,000 GPUs in just a few months highlights the strength of our vertically integrated platform,” he said.
The expansion comes as global demand for compute power accelerates. Roberts noted that customers increasingly seek partners who can deliver scale quickly.
Revenue Target Increase and Customer Demand
IREN raised its AI Cloud annual run-rate revenue target to over $500 million by Q1 2026. This represents an increase from previous guidance as the company capitalizes on strong market demand.
The company reported a growing trend of customers contracting capacity ahead of delivery. IREN is currently in discussions for several thousand Blackwell clusters.
Roberts explained the pre-contracting trend provides momentum for the AI Cloud business growth. “The shift toward pre-contracting ahead of delivery provides further momentum for the growth of our AI Cloud business,” he stated.
IREN operates as both a bitcoin miner and AI cloud provider. The company maintains 50 EH/s bitcoin mining operations while expanding its AI business.
The company is working on financing initiatives to support continued growth. These efforts aim to mitigate any impact on existing bitcoin mining operations.
IREN shares traded at $42.16, up 9.11% during regular Monday trading hours. The pre-market surge to $43 reflected strong investor confidence in the expansion strategy.
The Prince George campus serves as a key hub for the GPU deployment. The facility’s capacity to house over 60,000 Blackwell GPUs positions IREN for future growth.
IREN’s diversified approach combines cryptocurrency mining with AI cloud services. The company leverages its infrastructure to serve both markets effectively.
