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NEW YORK - Cryptocurrency and AI infrastructure company IREN Limited (NASDAQ:IREN), currently valued at $10.51 billion and trading near its 52-week high of $39.87, announced Monday it has doubled its AI Cloud capacity to approximately 23,000 GPUs following the procurement of an additional 12,400 graphics processing units at a cost of about $674 million. According to InvestingPro data, the company has demonstrated remarkable growth with a 293.48% return year-to-date.
The company has purchased 7,100 NVIDIA B300s, 4,200 NVIDIA B200s and 1,100 AMD MI350Xs to expand its computing infrastructure. According to a company press release, IREN is targeting more than $500 million in AI Cloud annualized run-rate revenue by the first quarter of 2026. This ambitious target appears achievable given the company’s strong financial position, with InvestingPro analysis showing current revenues of $501.02 million and a healthy current ratio of 4.29, indicating robust liquidity.
The expanded fleet will include a mix of NVIDIA and AMD hardware, with deliveries scheduled over the coming months at the company’s Prince George campus in British Columbia.
"As global demand for compute accelerates, customers are increasingly seeking partners who can deliver scale quickly," said Daniel Roberts, Co-Founder and Co-CEO of IREN.
The company noted that customers are increasingly contracting capacity ahead of delivery, with IREN currently in discussions for multi-thousand Blackwell GPU clusters. The firm stated its British Columbia facilities can support more than 60,000 Blackwell GPUs, in addition to its Texas data centers.
IREN indicated it is pursuing financing to support this growth and expects any impact to its Bitcoin mining operations to be mitigated by redeploying ASICs to other sites.
The company operates data centers across the United States and Canada with 2,910MW of grid-connected power secured and 810MW of operating data centers supporting three business segments: Bitcoin mining, AI cloud services, and AI data centers. With a gross profit margin of 68.27% and strong growth prospects, IREN presents an interesting case for investors. For detailed analysis and 18 additional key insights about IREN, including valuation metrics and growth projections, visit InvestingPro, where you’ll find comprehensive research reports and expert financial analysis.
In other recent news, Iris Energy reported impressive fourth-quarter and annual results for fiscal year 2025, prompting H.C. Wainwright to raise its price target for the company from $21 to $36 while maintaining a Buy rating. The company’s strategic initiatives in data center operations have also led Canaccord Genuity to increase its price target to $42, highlighting the facilities at Sweetwater 1 and Horizon 1. Meanwhile, Macquarie raised its price target to $33, citing the company’s growth in artificial intelligence operations and strong earnings performance driven by bitcoin price gains. In a shift of leadership, Iris Energy appointed Anthony Lewis as the new Chief Financial Officer, succeeding Belinda Nucifora. On the analyst front, Jones Trading downgraded the stock from Buy to Hold, pointing to a balanced valuation after a significant year-to-date gain of 170%. These developments reflect a period of dynamic changes and strategic growth for Iris Energy.
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