IREN orders 50,000 NVIDIA B300 GPUs to reach 150,000-unit fleet

IREN Limited (NASDAQ: IREN) announced it has entered purchase agreements for over 50,000 NVIDIA B300 GPUs, expanding its total GPU fleet to 150,000 units. The company plans to deploy the additional GPUs in phases through the second half of 2026 across its existing air-cooled data centers in Mackenzie, British Columbia and Childress, Texas.

The expanded GPU fleet is projected to support AI Cloud annualized run-rate revenue of over $3.7 billion by the end of 2026, according to the company's internal estimates. The revenue projection is based on assumptions regarding GPU models, utilization, pricing, contract terms and counterparties, and is not fully contracted.

IREN has secured $9.3 billion in funding over the past eight months through customer prepayments, convertible notes, GPU leasing and GPU financing. The company expects to use these and other capital sources to finance approximately $3.5 billion in additional capital expenditures for the GPU orders, including hardware, servers, storage, networking, labor and equipment.

Payment terms for the GPU purchases are structured on a post-shipment basis. The company stated that hardware procurement will be sequenced based on commercial milestones and capital availability.

IREN has also established an at-the-market equity program as part of its capital management framework to complement existing and new funding sources.

"Scaling to 150,000 GPUs positions IREN among the largest AI cloud infrastructure providers globally," said Daniel Roberts, Co-Founder and Co-CEO of IREN.

The information is based on a company press release statement.

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