IREN, a data center operator specializing in AI cloud infrastructure, is significantly expanding its capacity by approximately 50%. The company has ordered over 50,000 Nvidia B300 GPUs, bringing its total AI compute fleet to around 150,000 units.
This expansion is part of a broader capital management strategy, which also includes a potential at-the-market share sale of up to $6 billion. The additional hardware is slated for deployment in phases through the second half of 2026 across IREN's data centers in British Columbia and Texas. The company projects this expanded fleet will support over $3.7 billion in annualized AI cloud revenue, solidifying its position as a major global AI cloud infrastructure provider. IREN has secured approximately $9.3 billion in funding over the past eight months through various arrangements.