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IREN to expand processing capacity by 50%, prepares at-the-market offering

AI Summary3 min read

TL;DR

IREN plans to expand AI processing capacity by 50% with over 50,000 Nvidia B300 GPUs, bringing its total fleet to 150,000. Shares fell 5% after announcing a potential $6 billion at-the-market equity offering to fund the expansion.

Key Takeaways

  • •IREN will purchase over 50,000 Nvidia B300 GPUs, increasing total fleet to 150,000 GPUs and expanding capacity by 50%.
  • •The company filed for a potential at-the-market equity offering of up to $6 billion, causing shares to drop 5% in pre-market trading.
  • •Deployment of new GPUs is scheduled for the second half of 2026 across data centers in British Columbia and Texas.
  • •Once fully deployed, the expanded fleet is projected to generate over $3.7 billion in annualized AI cloud revenue.
  • •IREN has secured about $9.3 billion in funding over eight months, with $3.5 billion expected for new GPU deployments.
An engineer sits at a bank of crypto mining rigs.
An engineer sits at a bank of high-performance computing rigs (Mark Agnor/Shutterstock modified by CoinDesk)

What to know:

  • IREN agreed to buy over 50,000 Nvidia B300 GPUs, bringing its total fleet to about 150,000 GPUs, with deployment expected during the second half across its data centers in British Columbia and Texas.
  • The shares fell around 5% in pre-market trading after the company disclosed plans for a potential at-the-market equity offering of up to $6 billion.
  • IREN agreed to buy over 50,000 Nvidia B300 GPUs, bringing its total fleet to about 150,000 GPUs, with deployment expected during the second half across its data centers in British Columbia and Texas.
  • The shares fell around 5% in pre-market trading after the company disclosed plans for a potential at-the-market equity offering of up to $6 billion.

IREN (IREN), a data center operator focused on AI cloud infrastructure, said it agreed to buy more than 50,000 specialized processing chips from Nvidia (NVDA), expanding its capacity by about 50%.

The B300 GPUs, or graphic processing units, will take the Sydney-based company's total AI compute fleet to about 150,000 GPUs. A GPU is a specialized chip for performing large numbers of parallel computations, enabling the training and operation of artificial intelligence models at high speed.

The company also filed for a potential at-the-market share sale of up to $6 billion as part of its broader capital management strategy. The shares dropped 5% in pre-market trading on Thursday due to potential dilution.

The additional hardware is expected to be deployed in phases through the second half of 2026 across the company’s air-cooled data centers in Mackenzie, British Columbia, and Childress, Texas. Once fully deployed, the expanded fleet is projected to support more than $3.7 billion in annualized AI cloud revenue, positioning IREN among the larger AI cloud infrastructure providers globally.

IREN said it has secured about $9.3 billion in funding over the past eight months through customer prepayments, convertible notes, GPU leasing and financing arrangements, with roughly $3.5 billion in additional capital expenditures expected for the new GPU deployments in the second half of 2026.

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