IREN Announces Major AI Cloud Expansion to 150,000 GPUs, Targeting \$3.7 Billion Run-Rate Revenue by End of 2026

NEW YORK, March 4, 2026 — IREN Limited (NASDAQ: IREN), a vertically integrated AI cloud provider, has announced a transformative expansion of its AI cloud computing infrastructure. The company has entered into purchase agreements for over 50,000 NVIDIA B300 GPUs, which will boost its total GPU fleet to an impressive 150,000 units. This move positions IREN among the world’s largest AI cloud infrastructure providers.

Key Highlights for Investors

• Massive GPU Expansion: IREN will expand its fleet to 150,000 GPUs, enhancing its ability to deliver large-scale AI training and inference services. The new GPUs are scheduled for phased deployment through the second half of 2026 across existing data centers in Mackenzie, British Columbia, and Childress, Texas.
• Revenue Projections: The expanded GPU fleet is expected to support an annualized run-rate revenue of over \$3.7 billion by the end of 2026. However, this figure is based on internal company assumptions regarding GPU models, utilization, pricing, contract terms, and counterparties, and is not fully contracted. There is no assurance that these revenues will be achieved, and actual results may vary materially.
• Infrastructure and Expansion Capacity: Existing data centers at Canal Flats and Childress are also prepared to accommodate further GPU installations over time, providing additional scalability.
• Significant Capital Raised: Over the past eight months, IREN has secured \$9.3 billion in funding through a combination of customer prepayments, convertible notes, GPU leasing, and GPU financing. This capital is expected to fund approximately \$3.5 billion in additional capital expenditures for the new orders, covering GPUs, servers, storage, networking equipment, labor, and ancillary hardware.
• Disciplined Capital Management: Payment terms for the new hardware are structured on a post-shipment basis, which should improve working capital efficiency. Hardware procurement will be sequenced in alignment with commercial milestones and the availability of capital.
• At-the-Market Equity Program: IREN has established an at-the-market equity program as part of its broader capital management strategy. This is intended to supplement both existing and future funding sources.
• Strategic Positioning: According to Daniel Roberts, Co-Founder and Co-CEO, the accelerated hardware procurement is designed to reduce time-to-compute and increase certainty of execution in a supply-constrained GPU market. This move reinforces the strength of IREN’s vertically integrated platform and its ability to scale rapidly.

Implications for Shareholders and Potential Price-Sensitive Factors

• Share Price Movement: The scale of this expansion, coupled with the significant funding secured and the projected revenue growth, represents a potentially transformative event for IREN. If executed as planned, the company’s market position and future earnings potential could be significantly enhanced, which may positively impact share value.
• Execution Risks: Investors should note that the projected revenue is not yet fully contracted and is subject to various operational and market risks, including the timely delivery and commissioning of GPUs, achievement of commercial milestones, and successful customer contracting.
• Forward-Looking Statements: The company has issued standard forward-looking statement disclaimers, highlighting that actual results may differ materially from current projections due to risks, uncertainties, and other factors, including the company’s ability to execute its growth strategies, manage capital expenditures, and adapt to market trends.
• Capital Structure and Dilution: The at-the-market equity program could lead to future share issuances, which may dilute existing shareholders.

About IREN

IREN is a vertically integrated AI cloud provider, specializing in large-scale data centers and GPU clusters for AI training and inference. Its operations leverage a broad portfolio of grid-connected land and renewable energy resources in the U.S. and Canada.

Investor and Media Contacts

Investors: [email protected]
Media: [email protected]

Disclaimer

This article contains forward-looking statements based on management’s current expectations, projections, and assumptions. These statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated. Investors are cautioned not to place undue reliance on these statements and should refer to IREN’s filings with the Securities and Exchange Commission for a full discussion of risk factors. The company undertakes no obligation to update forward-looking statements except as required by law.

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