IREN has expanded its AI Cloud capacity to approximately 23,000 GPUs and lifted its annualized run-rate revenue target for the service to $500 million by the end of Q1 2026, according to a company press release.
The company placed orders for an additional 12,400 GPUs at a cost of about $674 million, including 7,100 NVIDIA B300s, 4,200 NVIDIA B200s and 1,100 AMD MI350X accelerators. Deliveries will be staged over the coming months at IREN’s Prince George, British Columbia campus. Just last month, IREN was targeting 10,900 GPUs by year end.
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Upon full commissioning, IREN’s AI Cloud fleet will comprise 1,900 H100 and H200 GPUs, 19,100 B200 and B300 GPUs, 1,200 GB300 GPUs, and 1,100 MI350X GPUs. The build-out runs alongside IREN’s existing Bitcoin mining operations, with excess ASICs to be redeployed across other sites.
Financing arrangements are in place to support the GPU deployments without materially impacting mining activities. IREN controls 2.91 GW of grid-connected power across the U.S. and Canada, with 810 MW of operating data-center capacity and a pipeline capable of supporting multi-gigawatt expansion.
The news comes after an enormous rally in IREN shares following its earnings beat in late August. The company is now the largest publicly traded bitcoin miner, worth $10.5 billion based as of market close on Friday.
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At time of publication, IREN is up 9% during pre-market hours.
UPDATE (8:51 AM ET): Added IREN price chart.
