IREN (IREN) shares surged 11% in pre-market trading, reaching $43 following the company's announcement of doubling its AI Cloud capacity to 23,000 GPUs. This expansion raises IREN's annualized run-rate revenue target to over $500 million by Q1 2026.
The strategic investment of approximately $674 million includes 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs. Deliveries will be phased in at IREN's Prince George campus, which alongside Texas facilities, has potential capacity for over 60,000 Blackwell GPUs.
IREN's enhanced AI infrastructure now comprises 1,900 NVIDIA H100s/H200s, 19,100 NVIDIA B200s/B300s, 1,200 NVIDIA GB300s, and 1,100 AMD MI350Xs. The inclusion of AMD hardware diversifies IREN's technology portfolio and expands its market reach.
"With accelerating global compute demand, customers increasingly prioritize partners capable of rapid scaling," stated Co-CEO Daniel Roberts. "Doubling our GPU fleet to exceed 23,000 units within months demonstrates our vertically integrated platform's capabilities."
Concurrently, IREN is pursuing financing strategies to support growth initiatives while maintaining its 50 EH/s Bitcoin (BTC) mining operations unaffected.