IREN Expanding AI Cloud to 150,000 GPUs to Target $3.7 B Revenue
IREN agreed to purchase over 50,000 NVIDIA B300 GPUs, expanding its AI cloud fleet to 150,000 units with phased deployments in British Columbia and Texas during H2 2026. The enlarged capacity is projected to drive over $3.7 billion in annualized run-rate revenue by year-end and requires about $3.5 billion financing.
1. Purchase Agreements and Capacity Expansion
IREN has entered purchase agreements for over 50,000 NVIDIA B300 GPUs, increasing its AI cloud fleet to 150,000 units. The additional GPU orders will be phased in based on shipment schedules and commercial milestones to ensure timely deployment.
2. Deployment Timeline and Locations
The new GPUs are slated for deployment across IREN’s air-cooled data centers in Mackenzie, British Columbia and Childress, Texas during the second half of 2026. Existing facilities in Canal Flats and Childress are designed to accommodate further capacity expansion as needed.
3. Financial Backing and Capital Plan
The company secured $9.3 billion in funding through customer prepayments, convertible notes, GPU leasing and financing over the past eight months. IREN plans to leverage these sources, along with an at-the-market equity program, to finance approximately $3.5 billion of capex for the new GPU orders.
4. Revenue Outlook and Capital Management
Upon full deployment, the 150,000-GPU fleet is expected to support over $3.7 billion in annualized AI cloud run-rate revenue by year-end 2026. Payment terms structured on a post-shipment basis aim to enhance working capital efficiency while maintaining a disciplined capital structure.