IREN Limited announced that it has signed purchase agreements for more than 50,000 NVIDIA B300 GPUs, bringing its total GPU fleet to 150,000 units. The GPUs will be deployed in phases during the second half of 2026 at the company’s existing air‑cooled data centers in Mackenzie, British Columbia, and Childress, Texas.
The expanded capacity is expected to support an AI Cloud annualized run‑rate revenue of over $3.7 billion by the end of 2026. The $3.7 billion figure is an illustrative estimate and is not fully contracted. For comparison, IREN’s AI Cloud revenue was $7.35 million in Q1 FY26, underscoring the magnitude of the projected growth.
Funding for the expansion has already been secured, with $9.3 billion raised over the past eight months through customer prepayments, convertible notes, GPU leasing, and GPU financing. The company plans approximately $3.5 billion in additional capital expenditures for H2 2026.
Daniel Roberts, co‑founder and co‑CEO, said, "Scaling to 150,000 GPUs positions IREN among the largest AI cloud infrastructure providers globally and underscores the strength of our vertically integrated platform." He added, "In a supply‑constrained environment, early hardware procurement reduces time‑to‑compute and increases execution certainty as we scale."
IREN also secured several new multi‑year contracts, including a landmark partnership with Microsoft, which expands its reach into new hyperscale customer segments. Roberts noted that the announced expansion to 140,000 GPUs represents only 16% of the company’s 3 GW grid‑connected power portfolio, providing ample capacity to continue scaling the AI Cloud platform and drive long‑term value creation.
The GPU order marks a pivotal step in IREN’s transition from a Bitcoin‑mining business to a high‑margin AI cloud provider, reinforcing its vertically integrated platform and positioning it among the largest AI infrastructure operators worldwide.
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