IREN Limited Expands AI Cloud with $130 Million Investment in NVIDIA Blackwell GPUs

IREN Stock Is Rising Thursday: What's Going On? - IREN (NASDAQ:IREN)

IREN Limited IREN shares are trading higher. The company on Thursday announced that it expanded its AI cloud through the purchase of thousands of Nvidia Corp NVDA Blackwell GPUs. What Happened: IREN said that it bought 2,400 Nvidia Blackwell GPUs, consisting of 1,300 B200 GPUs and 1,100 B300 GPUs, for approximately $130 million. The purchase will be fully funded with cash. The company noted that it's evaluating financing options to support its AI cloud services growth. The 2,400 Blackwell GPUs are expected to be installed over the coming months at IREN's Prince George, British Columbia campus. Any displaced hardware will be redistributed to the company's other sites. The expansion will bring the company's fleet to approximately 4,300 Nvidia GPUs. "Expanding our Blackwell footprint not only enables us to meet current customer demand, it also supports the broader infrastructure conversations driving our next phase of growth," said Daniel Roberts, co-CEO of IREN. IREN said its Prince George facility has 50MW of dedicated power, which provides a runway for potential expansion up to more than 20,000 GPUs in total. The company expects the GPU deployment to deliver attractive risk-adjusted returns on a stand-alone basis. IREN said earlier this week that it reached its mid-year target of 50 EH/s of installed capacity. The company had $184.3 million of cash and cash equivalents as of March 31 and subsequently closed a $550 million upsized convertible notes offering last month. IREN Price Action: IREN shares were up 8.14% at $16.94 at the time of publication, according to Benzinga Pro. Read Next: OpenAI's 4.5 GW Lease From Oracle Fuels Stargate's $500 Billion Vision Photo: VL-PhotoPro/Shutterstock.com IRENIREN Ltd$17.099.13%Stock Score Locked: Edge Members Only Benzinga Rankings give you vital metrics on any stock - anytime. Unlock RankingsEdge RankingsMomentum86.74GrowthNot AvailableQualityNot AvailableValue55.44Price TrendShortMediumLongOverviewNVDANVIDIA Corp$159.171.22%Market News and Data brought to you by Benzinga APIs

IREN Limited Expands AI Cloud with 2.4k NVIDIA Blackwell GPUs

IREN Limited announced the purchase of 2.4k next-generation NVIDIA Blackwell B200 and B300 GPUs for $130 million, including fit-out costs. The purchase is fully funded from existing cash, however, IREN is also evaluating a range of financing alternatives to support its AI Cloud Services growth. The order (1.3k B200 and 1.1k B300 GPUs) will be installed over the coming months at IREN's Prince George, BC campus, with any displaced mining hardware expected to be redistributed to other sites. Combined with the existing 1.9k Hopper GPUs, this expansion increases IREN's fleet to approximately 4.3k NVIDIA GPUs. With 50MW of dedicated power, Prince George can ultimately host more than 20,000 Blackwell GPUs, providing a clear runway for phased growth. The Blackwell architecture delivers significant advancements in performance and efficiency, positioning IREN among the first cloud providers to offer next-generation compute in a supply-constrained market. Observed demand from AI-native enterprises, cloud operators and hyperscalers continues to increase as training and inference workloads grow. IREN expects the deployment to deliver attractive risk-adjusted returns on a stand-alone basis while simultaneously supporting active discussions across its AI Data Center business. IREN's vertically integrated platform, underpinned by 2,910 MW of grid-connected power, is uniquely positioned to deliver powered shells, build-to-suit, turnkey colocation, and fully managed cloud services, providing customers with flexible, end-to-end solutions across the AI infrastructure stack. Assumptions and Notes includes servers, storage, labor and ancillary equipment such as InfiniBand, racks and cabling. >20k air-cooled Blackwell GPU capacity reflects 50MW gross power capacity at Prince George, and assumes PUE of 1.1 and power draw of 1.93kW per GPU (including ancillary power draw), based on NVIDIA B200 reference architecture.