Data center operator and bitcoin miner IREN Limited (NASDAQ:IREN) said on Monday that it had purchased roughly $670M worth of Nvidia (NASDAQ:NVDA) and AMD (NASDAQ:AMD) GPUs to boost growth in its artificial intelligence cloud unit.
Included in the purchase were 7,100 of Nvidia’s B300 GPUs, 4,200 of Nvidia’s B200 and 1,100 of AMD’s MI350Xs for approximately $674M, IREN said in a statement. That brings its total GPU capacity to approximately 23,000 IREN added.
Deliveries will be staged over the coming months at IREN’s Prince George campus and are expected to support the company’s target of more than $500M in AI cloud annual recurring revenue by the end of the first-quarter of 2026.
“As global demand for compute accelerates, customers are increasingly seeking partners who can deliver scale quickly,” said IREN co-founder and CEO Daniel Roberts said. “Doubling our fleet to more than 23,000 GPUs in just a few months highlights the strength of our vertically integrated platform and our ability to meet urgent, long-term demand. The shift toward pre-contracting ahead of delivery provides further momentum for the growth of our AI Cloud business.”
Nvidia and AMD shares fell roughly 0.5% in premarket trading, while IREN was off 0.8%.
