IREN Shares Surge 11% Pre-Market After Doubling AI Cloud Fleet, Lifting ARR Target – 22/9/2025

IREN (IREN) jumped 11% in pre-market trading to $43 following the announcement that it has doubled its AI Cloud capacity to 23,000 GPUs, raising its annualized run-rate (ARR) revenue target to over $500 million by Q1 2026.

The company invested approximately $674 million in hardware, including 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs. Deliveries will be phased over the coming months at IREN’s Prince George campus. Combined with its Texas facilities, the company’s infrastructure will eventually host over 60,000 Blackwell GPUs.

The expanded fleet now features 1,900 NVIDIA H100s and H200s, 19,100 NVIDIA B200s and B300s, 1,200 NVIDIA GB300s, and 1,100 AMD MI350Xs, broadening IREN’s hardware offering and customer reach.

“As global demand for compute accelerates, customers are increasingly seeking partners who can deliver scale quickly,” said Co-CEO Daniel Roberts. “Doubling our fleet to more than 23,000 GPUs in just a few months highlights the strength of our vertically integrated platform.”

IREN is also pursuing financing initiatives to support growth while maintaining its 50 EH/s Bitcoin mining operations.