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SYDNEY - IREN Limited (NASDAQ:IREN), a $3.79 billion market cap company that has seen its stock surge 19.45% in the past week, announced Thursday the purchase of 2,400 next-generation NVIDIA Blackwell GPUs for approximately $130 million, including fit-out costs. The order comprises 1,300 B200 and 1,100 B300 GPUs that will be installed at the company’s Prince George, British Columbia campus.
The acquisition is fully funded from existing cash, though the company stated it is evaluating financing alternatives to support growth in its AI Cloud Services. According to InvestingPro data, IREN’s current ratio of 0.46 indicates tight liquidity, with short-term obligations exceeding liquid assets. Any mining hardware displaced by the new installation is expected to be redistributed to other sites.
This expansion increases IREN’s GPU fleet to approximately 4,300 NVIDIA units when combined with its existing 1,900 Hopper GPUs. The company’s Prince George facility, with 50MW of dedicated power, has capacity to ultimately host more than 20,000 Blackwell GPUs.
"Expanding our Blackwell footprint not only enables us to meet current customer demand, it also supports the broader infrastructure conversations driving our next phase of growth," said Daniel Roberts, Co-CEO of IREN, in the press release. The company’s growth trajectory is evident in its impressive 128.24% year-over-year revenue growth and industry-leading 91.66% gross profit margin. InvestingPro analysis reveals 16 additional key insights about IREN’s financial health and market position.
IREN operates as a vertically integrated data center business with 2,910 MW of grid-connected power across the U.S. and Canada. The company’s business spans Bitcoin mining, AI cloud services, and AI data centers.
The Blackwell architecture is designed to deliver advancements in performance and efficiency for AI computing workloads. IREN noted in its announcement that it expects the deployment to deliver attractive risk-adjusted returns while supporting ongoing business discussions across its AI Data Center operations.
In other recent news, IREN Limited announced record-breaking financial results for May 2025, achieving the highest monthly revenue and hardware profit in its history. The company reported a revenue of $64.7 million and a hardware profit of $47.8 million, with a hardware profit margin of 74%. Additionally, IREN’s AI Cloud Services division generated $2.2 million in revenue, boasting a profit margin of 98%. IREN has also successfully closed a $550 million convertible notes offering, upsized from an initial $450 million due to strong investor demand. The net proceeds from this offering amount to approximately $534.9 million, which will be used for general corporate purposes and working capital. In a strategic move, IREN appointed Anthony Lewis as Chief Capital Officer to oversee its capital markets activities. The company continues to develop its AI data center infrastructure, with significant progress reported on its Horizon 1 AI Data Center project. IREN is also transitioning to US domestic issuer status, reflecting its commitment to regulatory compliance and growth.
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