IREN Shares Jump 11% Pre-Market as AI Cloud Fleet Doubles, ARR Target Exceeds $500M – 22/9/2025
IREN (IREN) rose 11% in pre-market trading to $43 after the company announced it has doubled its AI Cloud capacity to 23,000 GPUs, pushing its annualized run-rate (ARR) revenue target above $500 million by Q1 2026.
The expansion involved a $674 million investment in hardware, including 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs. Deliveries will be phased over the coming months at IREN’s Prince George campus, which, along with Texas facilities, could eventually host over 60,000 Blackwell GPUs.
The fleet now includes 1,900 NVIDIA H100s and H200s, 19,100 B-series NVIDIA GPUs, 1,200 GB300s, and 1,100 AMD MI350Xs, broadening the company’s hardware offerings and customer reach.
“As global demand for compute accelerates, customers are increasingly seeking partners who can scale quickly,” said Co-CEO Daniel Roberts. “Doubling our fleet in a few months highlights the strength of our vertically integrated platform.”
IREN is also pursuing financing initiatives to support growth while maintaining its 50 EH/s Bitcoin mining operations.
