The company stated that it purchased a mix of NVIDIA B200s, B300s, H-series GPUs, and AMD MI350Xs to meet the rising demand for AI.
Shares Iren (IREN) surged 10% at market open on Monday after the company announced’s doubling its AI Cloud GPU capacity to 23,000, targeting $500 million in annualized revenue by early 2026.
Iren said it had acquired an additional 12,400 GPUs on Monday for roughly $674 million. This includes 7,100 Nvidia B300s, 4,200 Nvidia B200s, and 1,100 AMD MI350Xs. Deliveries are scheduled over the coming months at the company’s Prince George campus in British Columbia, Canada. On Stocktwits, retail sentiment surrounding Iren’s stock shifted higher into ‘bullish’ territory.
The announcement builds on the company’s August plan to expand into AI infrastructure, joining other crypto miners shifting toward high-performance AI computing to secure more sustainable revenue growth. At the time, Iren also disclosed a $193 million investment to scale its AI Cloud business.
The company said combining AMD’s (AMD) hardware with Nvidia (NVDA) GPUs strengthens its AI infrastructure offerings and broadens its addressable market. Iren cited strong demand for AI Cloud capacity, noting a “growing appetite among customers to contract capacity ahead of commissioning,” and said it is “well positioned” to capture this demand.
Iren added that its British Columbia campus is capable of supporting more than 60,000 Blackwell GPUs. The company also operates additional AI data center campuses in Mackenzie and Canal Flats, Canada. In the U.S., it runs three large-scale sites in West Texas.
The expanded AI Cloud fleet will total roughly 23,000 GPUs, including 1,900 NVIDIA H100s and H200s, 19,100 NVIDIA B200s and B300s, 1,200 NVIDIA GB300s, and 1,100 AMD MI350Xs.
Nvidia’s stock edged 0.8% lower in morning trade, while AMD’ stock rose more than 2.5%. Retail sentiment around both chip makers trended in ‘bullish’ territory over the past day.
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