IREN (NASDAQ: IREN) is expanding its GPU fleet with the purchase of more than 50,000 NVIDIA B300, bringing its total fleet to some 150,000 GPUs, according to a Wednesday press release.
The company plans to deploy the new units through the second half of 2026. IREN will install the hardware across existing data centers in Mackenzie, British Columbia, and Childress, Texas.
IREN says the expanded fleet will support an annualized run-rate revenue exceeding $3.7 billion by the end of 2026.
Coinciding with this announcement, IREN filed for a $6 billion at-the-market offering, the largest ever for a bitcoin miner.
Over the past eight months, IREN has secured $9.3 billion in funding, its press release states. Prior to this GPU order, IREN opened a $2 billion convertible notes offering in December 2025. The offering included the potential to reach $2.3 billion following a $9.7 billion agreement with Microsoft.
IREN plans to finance roughly $3.5 billion in additional capital expenditures for these new orders during the second half of 2026. The budget covers the GPUs alongside necessary servers, storage, networking, labor, and ancillary equipment.
This expansion is the most aggressive yet for the bitcoin miner’s pivot into AI/HPC. J.P. Morgan cautioned in February that IREN faced a significant funding gap despite recent multi-billion dollar financing agreements.
In the same report, J.P. Morgan maintained an underweight rating on the stock. The bank estimated a $1.7 billion financing need over the next 10 months for IREN to hit aggressive infrastructure targets. These previous goals included reaching 140,000 GPUs by the end of 2026.
