IREN Shares Soar 11% After Doubling AI Cloud Capacity to 23,000 GPUs

IREN (IREN) shares increased by 11% in pre-market trading, reaching $43.
The company doubled its AI Cloud capacity to 23,000 GPUs, aiming for an annualized revenue target of over $500 million by Q1 2026.
An investment of approximately $674 million was made in NVIDIA and AMD hardware: 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs.
The new equipment will be delivered over the coming months at the Prince George campus and Texas facilities, which can host over 60,000 Blackwell GPUs.
The expanded GPU fleet includes 1,900 NVIDIA H100s and H200s, 19,100 NVIDIA B200s and B300s, 1,200 NVIDIA GB300s, and 1,100 AMD MI350Xs.
The addition of AMD hardware is intended to broaden IREN’s offerings and customer reach.
Co-CEO Daniel Roberts stated that the expansion demonstrates the strength of IREN's vertically integrated platform amid rising global demand for compute power.
IREN plans financing initiatives to support growth while maintaining its 50 EH/s bitcoin mining operations.