IREN buys 50,000 Nvidia GPUs, to raise $8.5b in equity
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The news: Nasdaq-listed AI cloud provider IREN has purchased over 50,000 Nvidia B300 GPUs as part of its plans to expand its total fleet to 150,000 units.
Separately, IREN announced plans to raise up to USD6 billion ($8.47 billion) in capital through an at-the-market equity program to help fund the purchases, data centre developments and general corporate purposes.
The context: The neocloud has signed purchase agreements with Dell worth a collective USD3.5 billion for the GPUs.
IREN said the expanded GPU fleet is expected to support more than USD3.7 billion in annualised AI cloud revenue by the end of 2026. The company expects to deploy the additional GPUs in phases through the first half of 2026 across existing data centres located in Mackenzie, British Columbia and Texas.
IREN said it has secured USD9.3 billion in total funding over the past eight months, and plans to leverage the funds to finance the additional capital expenditure related to the orders in the second half of 2026.
What they said: “Scaling to 150,000 GPUs positions IREN among the largest AI cloud infrastructure providers globally and underscores the strength of our vertically integrated platform. In a supply-constrained environment, early hardware procurement reduces time-to-compute and increases execution certainty as we scale,” IREN Co-CEO Daniel Roberts said.
The source: Nasdaq
