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Company lifts AI Cloud ARR target to more than $500 million by Q1 2026 after $674 million GPU expansion.
By James Van Straten, AI Boost|Edited by Parikshit Mishra
Sep 22, 2025, 12:36 p.m.
- Stock surges to $43 in pre-market trading on capacity boost and strong AI demand outlook
- Expanded fleet includes NVIDIA B300s, B200s and AMD MI350Xs, with deployments staged at Prince George campus
IREN (IREN) jumped 11% in pre-market trading to $43 after the company announced it has doubled its AI Cloud capacity to 23,000 GPUs, lifting its annualized run-rate revenue target to more than $500 million by Q1 of 2026.
The company invested about $674 million in 7,100 NVIDIA B300s, 4,200 NVIDIA B200s and 1,100 AMD MI350Xs. Deliveries will be staged over the coming months at IREN’s Prince George campus, which alongside Texas facilities, can eventually host over 60,000 Blackwell GPUs.
STORY CONTINUES BELOW
The expanded fleet now includes 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 broadens IREN’s offering and customer reach.
“As global demand for compute accelerates, customers are increasingly seeking partners who can deliver scale quickly,” said Co-CEO Daniel Roberts. “Doubling our fleet to more than 23,000 GPUs in just a few months highlights the strength of our vertically integrated platform.”
IREN is simultaneously working on financing initiatives to support growth while mitigating any impact on its 50 EH/s bitcoin BTC$112,906.26 mining operations.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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