IREN Shares Rise 11% Pre-Market as AI Cloud Fleet Doubles, ARR Target Tops $500M – 22/9/2025
IREN (IREN) surged 11% in pre-market trading to $43 after announcing it has doubled its AI Cloud capacity to 23,000 GPUs, lifting its annualized run-rate (ARR) revenue target to over $500 million by Q1 2026.
The company invested around $674 million in 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs, with deliveries staged over the coming months at its Prince George campus. Along with its Texas facilities, IREN’s infrastructure could eventually host more than 60,000 Blackwell GPUs.
The fleet expansion now includes 1,900 NVIDIA H100s and H200s, 19,100 B-series NVIDIA GPUs, 1,200 GB300s, and 1,100 AMD MI350Xs, broadening the company’s hardware capabilities and market reach.
“As global compute demand accelerates, customers increasingly seek partners who can deliver scale quickly,” said Co-CEO Daniel Roberts. “Doubling our fleet in just a few months demonstrates the strength of our vertically integrated platform.”
The company is also pursuing financing initiatives to support growth while safeguarding its 50 EH/s Bitcoin mining operations.
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