IREN ( IREN ), a data center operator focused on AI cloud infrastructure, said it agreed to buy more than 50,000 specialized processing chips from Nvidia ( NVDA ), expanding its capacity by about 50%.
The B300 GPUs, or graphics processing units, will bring the Sydney-based company’s total AI computing fleet to around 150,000 GPUs. A GPU is a specialized chip for performing a large number of parallel calculations, enabling the training and operation of artificial intelligence models at high speed.
The company also filed for a potential stock sale of up to $6 billion as part of its broader capital management strategy. Shares fell 5% in pre-market trading Thursday on potential dilution.
The additional hardware is expected to be deployed in phases through the second half of 2026 across the company’s air-cooled data centers in Mackenzie, British Columbia and Childress, Texas. When fully deployed, the expanded fleet is expected to support more than $3.7 billion in annual AI cloud revenue, placing IREN among the major AI cloud infrastructure providers globally.
IREN said it has secured about $9.3 billion in financing over the past eight months through customer prepayments, convertible notes, GPU leasing and financing arrangements, with about $3.5 billion in additional capital expenditures expected for the new GPU deployments in the second half of 2026.
