IREN Shares Jump 11% in Pre-Market Trading as Bitcoin Miner Doubles AI Cloud Fleet

Core Insights - IREN has doubled its AI Cloud capacity to 23,000 GPUs, raising its annualized run-rate revenue target to over $500 million by Q1 2026 [1][2] Group 1: Investment and Capacity Expansion - The company invested approximately $674 million in acquiring 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs [1] - The expanded fleet now includes 1,900 NVIDIA H100s and H200s, 19,100 NVIDIA B200s and B300s, 1,200 NVIDIA GB300s, and 1,100 AMD MI350Xs [2] - Deliveries of the new hardware will be staged over the coming months at IREN's Prince George campus, which, along with Texas facilities, can eventually host over 60,000 Blackwell GPUs [1] Group 2: Market Demand and Strategic Positioning - Co-CEO Daniel Roberts stated that as global demand for compute accelerates, customers are increasingly seeking partners who can deliver scale quickly [2] - The doubling of the fleet to over 23,000 GPUs in just a few months demonstrates the strength of IREN's vertically integrated platform [2] Group 3: Financial and Operational Strategy - IREN is working on financing initiatives to support growth while mitigating any impact on its 50 EH/s bitcoin mining operations [2]