IREN (IREN) Doubles GPU Fleet to 23,000, Raises Revenue Target

Core Insights - IREN Limited has significantly expanded its GPU fleet to 23,000 units, acquiring 12,400 GPUs for approximately $674 million, indicating strong market demand and growth potential [1][2] - The company has raised its annualized run-rate revenue target for its AI Cloud segment to over $500 million by the end of Q1 2026, up from a previous target of 10,900 GPUs by year-end [2] - Management anticipates that investments in GPUs will enhance long-term revenue and operational efficiency, particularly leveraging the Blackwell architecture for improved AI performance and energy efficiency [3] Company Overview - IREN Limited operates as a sustainable Bitcoin mining and AI infrastructure company, focusing on large-scale data centers powered by renewable energy, with key facilities located in Texas and British Columbia [4] - The company's primary offerings include mined Bitcoin and high-performance AI cloud services [4]