IREN is making a big splash in the AI infrastructure space. It announced that it has effectively been gunning and will double its AI Cloud GPU fleet to around 23,000 units. The extension follows a $674 million order of such GPUs. This is part of its plans to move from being only a bitcoin mining company into a major player in AI cloud computing.
Approximately 7,100 NVIDIA B300s, around 4,200 NVIDIA B200s, and 1,100 AMD MI350X chips make up the order. Deployment in the next few months is anticipated. With IREN’s large Prince George campus in British Columbia, Canada, being one of the target locations.
IREN’s AI Revenue Target and Capacity Ambitions
With this scale‐up, IREN has increased its AI Cloud business’ annual run-rate revenue (ARR) target. It now anticipates crossing the $500 million ARR threshold by early 2026.
Each node is also the stepping stone to an even larger GPU capacity at Prince George. The campus itself is expected to host 60K+ GPUs when fully built. This indicates that IREN is preparing for a significant move in the AI cloud space.
Strategic Shift: From Mining to AI
IREN has historically been best known as a bitcoin miner. But in this GPU fleet leap, the company is signalling its strategy. To pivot towards AI infrastructure and cloud services. IREN is still mining, but it has been redirecting resources, capital, and attention toward AI and high-performance computing (HPC).
The move comes at a time of unprecedented global demand for computing. Particularly with large language model training and inference workloads. As well as for enterprise AI projects. IREN sees a chance to try to fill that demand by owning the hardware, along with the facilities in which it sits. Many of its data centre locations use green energy to power them.
Market Reaction and Financing
The market reaction was swift. IREN’s shares surged some 11% in pre-market trading. This reflects that investors salivated over its volume growth and future revenue potential.
Financially, IREN has used both internal cash and lease finance for its GPU purchases. It obtained lease financing over 36 months for the past GPU purchases (Blackwell B200s and B300s). This was at high single-digit interest rates so as not to be dilutive.
Infrastructure of IREN: Prince George & Beyond
Prince George is a lynchpin in IREN’s plan. There is dedicated power at the data centre campus. As well as infrastructure that can scale to a large extent. It will house many of the recently purchased GPUs. Such as B300s, B200s, and AMD MI350X units.
In addition to Prince George, IREN owns and operates numerous data platforms throughout North America. These campuses specifically accommodate high-GPU density, including air-cooled and liquid-cooled systems. As well as renewable energy and efficiency, in order to support cost-effective AI cloud operations.
Conclusion: IREN Aiming to Be a Major AI Infra Player
No longer only a miner, IREN is aggressively positioning itself to become a major AI infrastructure provider. By increasing its GPU count to around 23,000, it guarantees the commitment to large orders of cutting-edge NVIDIA and AMD GPUs. It further raises its ARR target to over $500 million and expands capacity for tens of thousands more GPUs. Thus, IREN is clearly betting big on a future where AI cloud services loom large. If the company executes well on deployment, power delivery, and customer acquisition, it could very well become one of the AI infrastructure behemoths. The transition has begun as IREN is gambling that AI will be its future.
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