IREN (IREN), a data center operator focused on AI cloud infrastructure, said it has agreed to purchase more than 50,000 specialized processing chips from Nvidia (NVDA), increasing its capacity by about 50%.
The B300 GPUs, or graphics processing units, will bring the Sydney-based company’s total AI computing fleet to around 150,000 GPUs. A GPU is a specialized chip for performing a large number of parallel calculations, enabling the training and operation of artificial intelligence models at high speed.
The company also filed for a potential market-priced stock sale of up to $6 billion as part of its broader capital management strategy. Shares fell 5% in pre-market trading Thursday due to potential dilution.
The additional hardware is expected to be deployed in stages through the second half of 2026 at the company’s air-cooled data centers in Mackenzie, British Columbia, and Childress, Texas. Once fully deployed, the expanded fleet is expected to generate more than $3.7 billion in annualized AI cloud revenue, positioning IREN among the largest AI cloud infrastructure providers in the world.
IREN said it has secured approximately $9.3 billion in funding over the past eight months through customer advance payments, convertible notes, GPU leases and financing agreements, with approximately $3.5 billion in additional capital spending expected for new GPU deployments in the second half of 2026.
