Pre-market up over 10% IREN spent $670 million to purchase NVIDIA and AMD GPUs
Data center operator IREN Limited announced an investment of approximately $670 million to procure GPUs from NVIDIA and AMD to accelerate its artificial intelligence cloud business growth. This procurement includes 7,100 NVIDIA B300 GPUs, 4,200 NVIDIA B200 GPUs, and 1,100 AMD MI350X GPUs, which is expected to increase its total GPU installation to about 23,000 units. This move aims to support the company's goal of achieving over $500 million in annual recurring revenue from AI cloud business by the end of the first quarter of 2026. Following the announcement, IREN's stock price rose by more than 10% in pre-market trading
According to the Zhitong Finance APP, data center operator and Bitcoin mining company IREN Limited (IREN.US) announced on Monday that it has spent approximately $670 million to purchase GPUs from NVIDIA (NVDA.US) and AMD (AMD.US) to accelerate the growth of its artificial intelligence cloud business.
IREN stated in a press release that this procurement includes 7,100 NVIDIA B300 GPUs, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs, with a total value of approximately $674 million. This move increases its total GPU installation to about 23,000 units.
These devices will be delivered in phases to IREN's campus located in Prince George's County, and are expected to support the company's goal of achieving over $500 million in annual recurring revenue from AI cloud business by the end of the first quarter of 2026.
"As global computing power demand accelerates, customers are increasingly seeking partners that can quickly scale," said Daniel Roberts, co-founder and CEO of IREN. "Doubling our total equipment to over 23,000 GPUs in a matter of months fully demonstrates the advantages of our vertically integrated platform and our ability to meet long-term urgent demands. The shift to a pre-signing model before delivery injects new momentum into the growth of our AI cloud business."
In pre-market trading on the same day, IREN's stock price rose by over 10%
