Company targets $500M in annualized AI Cloud revenue by Q1 2026
IREN shares jumped 11% in pre-market trading to $43 on Monday after the company unveiled a major expansion of its AI Cloud business, doubling its GPU fleet to more than 23,000 units. The move positions IREN to capture accelerating demand for high-performance computing as artificial intelligence adoption grows worldwide.
$674 Million GPU Expansion
IREN disclosed a $674 million investment in next-generation GPUs, including 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs. Deployments will be staged over the coming months at the company’s Prince George campus in Canada, which alongside its Texas sites, has capacity to host more than 60,000 Blackwell GPUs.
The expanded fleet now consists of 1,900 NVIDIA H100s and H200s, 19,100 NVIDIA B200s and B300s, 1,200 NVIDIA GB300s, and 1,100 AMD MI350Xs, marking the company’s first large-scale adoption of AMD hardware.
Targeting $500M AI Cloud ARR
With the scale-up, IREN lifted its AI Cloud annualized run-rate (ARR) revenue target to more than $500 million by Q1 2026. Executives said the addition of AMD GPUs enhances service diversity, expanding IREN’s reach to customers seeking both NVIDIA and AMD-powered compute.
“As global demand for compute accelerates, customers are increasingly seeking partners who can deliver scale quickly. Doubling our fleet to more than 23,000 GPUs in just a few months highlights the strength of our vertically integrated platform,” said Co-CEO Daniel Roberts.
Balancing AI and Bitcoin Mining
While aggressively expanding in AI Cloud, IREN said it remains committed to its 50 EH/s Bitcoin mining operations, one of the largest globally. The company is pursuing financing initiatives to support growth while mitigating any risk to its mining division.
Analysts say the shift toward cloud-based GPU services provides IREN with a dual revenue stream that reduces reliance on Bitcoin’s volatility. With AI demand outpacing supply of cutting-edge GPUs, IREN’s aggressive build-out could position it as a leading global provider of AI compute by 2026.
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