IREN has announced a significant expansion of its AI infrastructure, doubling its NVIDIA GPU fleet through the acquisition of an additional 4,200 NVIDIA Blackwell B200 units. The purchase brings the company’s total GPU capacity to approximately 8,500, marking a major step in scaling its AI Cloud business to meet accelerating demand for compute-intensive workloads.
The new procurement, valued at roughly $193 million including ancillary equipment, will be deployed at IREN’s Prince George campus in Canada. The site, with 50MW of available power capacity, can support phased expansion up to around 20,000 Blackwell GPUs, providing long-term headroom for growth.
This latest addition follows IREN’s prior investment in both B200 and B300 GPUs, for which the company has now secured $102 million in financing structured as a 36-month lease. The lease covers 100% of the purchase price, with payments based on a high single-digit interest rate. Management indicated that this financing structure frees up capital for further growth initiatives, including additional GPU acquisitions.
The expanded fleet will consist of approximately 800 NVIDIA H100s, 1,100 NVIDIA H200s, 5,400 Blackwell B200s, and 1,200 Blackwell B300s. According to IREN, this mix not only doubles raw compute capacity but also provides diversification across architectures, positioning the company to support a wide range of AI training and inference applications.
AI Cloud Revenue Growth
Despite the substantial expansion of AI infrastructure, IREN expects its installed mining capacity to remain steady at around 50 EH/s by utilizing spare data center capacity at other sites efficiently. This indicates the company’s dual focus on maintaining its Bitcoin mining operations while aggressively scaling its AI Cloud platform.
Commenting on the move, Daniel Roberts, Co-Founder and Co-CEO of IREN, said the additional GPUs represent a pivotal milestone: “Our expanded Blackwell capacity positions IREN to capture strong demand and drive the next phase of our AI Cloud revenue growth. Utilizing competitively priced, non-dilutive capital further strengthens the value proposition in scaling our AI Cloud business.”
With financing conversations ongoing for the latest GPU purchase, IREN is signaling its intent to continue aggressive expansion in AI infrastructure, leveraging both its existing facilities and strategic financing structures to meet surging market demand.
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