IREN (IREN) has doubled its AI Cloud capacity to 23k GPUs following the procurement of an additional 12.4k GPUs, and is now targeting more than $500m in AI Cloud annualized run-rate revenue by Q1 2026. To meet rising demand, IREN has purchased 7.1k NVIDIA B300s, 4.2k NVIDIA B200s and 1.1k AMD MI350Xs for approximately $674m. The order reflects a growing trend of customers contracting capacity ahead of delivery, with IREN in discussions for multi-thousand Blackwell clusters. Deliveries will be staged over the coming months at IREN’s Prince George campus and are expected to support the greater than $500m AI Cloud ARR target by the end of Q1 2026.1 The expanded fleet will total approximately 23k GPUs: 1.9k NVIDIA H100s & H200s;19.1k NVIDIA B200s & B300s; 1.2k NVIDIA GB300s; 1.1k AMD MI350Xs.
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