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NEW YORK - IREN Limited (NASDAQ:IREN), a $4.76 billion market cap company whose stock has surged over 140% in the past six months, has procured an additional 4,200 NVIDIA Blackwell B200 GPUs for approximately $193 million, doubling its total GPU fleet to about 8,500 units, according to a press release statement issued Monday. InvestingPro data shows the stock trading near its 52-week high of $21.72.
The company has also secured $102 million in financing for a prior purchase of NVIDIA Blackwell B200 and B300 GPUs. The financing is structured as a 36-month lease covering 100% of the purchase price, with payments calculated using a high single-digit interest rate.
The newly acquired B200 GPUs will be installed at IREN’s Prince George campus, which has 50MW of total power capacity. The company stated this campus can support phased growth to approximately 20,000 Blackwell GPUs.
Following this expansion, IREN’s AI Cloud will consist of 800 NVIDIA H100s, 1,100 NVIDIA H200s, 5,400 NVIDIA B200s, and 1,200 NVIDIA B300s. The company indicated that its total installed mining capacity is expected to remain at approximately 50 EH/s through efficient utilization of spare data center capacity at other sites.
IREN operates as a vertically integrated data center business focused on Bitcoin mining and AI computing services. The company reports having secured 2,910MW of grid-connected power across more than 2,000 acres in the U.S. and Canada, with additional development projects in its pipeline.
Financing discussions are underway for the latest GPU procurement, with the initial commitment made from existing cash reserves.
In other recent news, IREN Limited reported record monthly revenue from its Bitcoin mining operations, reaching $65.5 million in June, an increase from $64.7 million in May. The company achieved its mid-year target of 50 exahash per second (EH/s) Bitcoin mining capacity and expanded its AI cloud capabilities by acquiring approximately 2,400 NVIDIA Blackwell GPUs. This expansion is part of a $130 million investment, fully funded from existing cash, and will increase IREN’s total GPU fleet to about 4,300 units.
Additionally, IREN announced a transition to U.S. domestic issuer status for SEC filings, effective July 1, 2025, which will subject the company to more detailed reporting obligations. In analyst coverage, JPMorgan downgraded IREN’s stock rating from Overweight to Neutral, although it raised the price target from $12.00 to $16.00. The downgrade follows a significant surge in IREN shares, which have risen approximately 80%, outpacing both Bitcoin and the CoinShares Bitcoin Mining ETF. These developments highlight IREN’s strategic growth in both mining capacity and AI infrastructure.
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