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Investing.com -- IREN Ltd (NASDAQ:IREN) stock jumped 10.3% in premarket trading Monday after the company announced it has doubled its AI Cloud capacity to 23,000 GPUs and set an ambitious revenue target.
The company has purchased an additional 12,400 GPUs, including 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs, for approximately $674 million. With this expansion, Iris Energy is now targeting more than $500 million in AI Cloud annualized run-rate revenue by the first quarter of 2026.
The company noted that deliveries will be staged over the coming months at its Prince George campus in British Columbia. The expanded fleet will include 1,900 NVIDIA H100s and H200s, 19,100 NVIDIA B200s and B300s, 1,200 NVIDIA GB300s, and 1,100 AMD MI350Xs.
According to IREN, AI Cloud demand continues to outpace global supply, with customers increasingly looking to secure capacity ahead of commissioning. The company’s British Columbia facilities can reportedly support more than 60,000 Blackwell GPUs, in addition to its Texas data centers.
"As global demand for compute accelerates, customers are increasingly seeking partners who can deliver scale quickly," said Daniel Roberts, Co-Founder & Co-CEO of IREN. "Doubling our fleet to more than 23,000 GPUs in just a few months highlights the strength of our vertically integrated platform and our ability to meet urgent, long-term demand."
The company added that it is pursuing financing options to support this growth, with plans to redeploy ASICs to other sites to minimize any impact on its Bitcoin mining operations.
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