IREN will double its AI Cloud capacity to 23,000 GPUs after procuring 12,400 additional units, including 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs at a cost of $674 million. The company is now targeting more than $500 million in AI Cloud annualized run-rate revenue (ARR) by the first quarter of 2026. Deliveries will be staged at IREN’s Prince George campus in British Columbia, which has capacity for more than 60,000 Blackwell GPUs.
The expanded fleet now includes 1,900 NVIDIA H100/H200s, 19,100 NVIDIA B200/B300s, 1,200 NVIDIA GB300s, and 1,100 AMD MI350Xs. The addition of AMD hardware alongside NVIDIA GPUs broadens IREN’s customer reach, reflecting a market shift where customers increasingly contract GPU clusters ahead of deployment. Financing efforts are underway to support continued growth, with IREN noting that any impact on its Bitcoin mining business will be mitigated by redeploying ASICs to other sites.
IREN operates 810 MW of data centers across North America with three business pillars: Bitcoin mining, AI Cloud services, and AI data centers. The company holds 2,910 MW of secured grid power and a development pipeline spanning more than 2,000 acres.
• IREN doubled AI Cloud capacity to 23,000 GPUs
• New order: 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, 1,100 AMD MI350Xs
• $674 million procurement supports >$500m AI Cloud ARR target by Q1 2026
• Prince George campus can support >60,000 Blackwell GPUs
• 810 MW operating data centers across North America, powered by renewables
“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.
🌐 Analysis: IREN’s GPU expansion underscores the ongoing scramble among cloud providers to lock in scarce AI accelerators. Its mixed NVIDIA–AMD fleet positions it more flexibly than single-vendor operators, mirroring moves by rivals such as CoreWeave and Crusoe Energy. With a >$500m ARR target, IREN signals confidence that AI cloud demand will remain strong even as global supply ramps in 2026.
