IREN doubles GPU fleet and raises ARR target to $500 million after stock price surge

IREN has expanded its AI Cloud capacity to approximately 23,000 GPUs and lifted its annualized run-rate revenue target for the service to $500 million by the end of Q1 2026, according to a company press release. The company placed orders for an additional 12,400 GPUs at a cost of about $674 million, including 7,100 NVIDIA B300s, 4,200 NVIDIA B200s and 1,100 AMD MI350X accelerators. Deliveries will be staged over the coming months at IREN’s Prince George, British Columbia campus. Just last month, IREN was ...