Data center operator and Bitcoin miner IREN Limited (IREN) disclosed a massive purchase of graphics processing units (GPUs) from Nvidia (NVDA) and AMD (AMD), worth $670 million. The move will more than double its AI Cloud GPU capacity as it now targets about $500 million in annual revenue by early 2026. Following the news, IREN stock surged over 7% during Monday’s trading.
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The deal includes a mix of 12,400 units, consisting of 7,100 Nvidia B300 GPUs, 4,200 Nvidia B200 GPUs, and 1,100 AMD MI350X GPUs. This strategic investment will bring IREN’s total GPU capacity to nearly 23,000 units.
Deliveries are scheduled to begin in the coming months at IREN’s Prince George campus.
AI Demand Is Outpacing Supply
According to the company, this strategic investment helps it meet growing demand from customers who want to reserve AI hardware before it is even delivered. By using both AMD and Nvidia GPUs, the company can offer more options and reach a wider market.
Importantly, IREN is already in discussions for multi-thousand-GPU clusters or a high-performance computing system.
Regarding its Bitcoin mining operations, the company said it expects any impact to be minimal as it plans to redeploy its ASIC miners to other facilities.
This expansion follows IREN’s plan to diversify from crypto mining to AI infrastructure. Like other miners, it is using its existing infrastructure to grow a more stable AI cloud business. It must be mentioned that in August 2025, IREN disclosed a $193 million investment to scale its AI Cloud business.
Is IREN a Good Stock to Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on IREN stock based on seven Buys and four Holds assigned in the past three months. Further, the average IREN price target of $30.63 per share implies 25.92% downside risk.
