Iren Limited (NASDAQ: IREN) has announced the expansion of its AI cloud capabilities with the acquisition of 2.4k next-generation NVIDIA Blackwell B200 and B300 GPUs for approximately $130 million, including fit-out costs. This purchase, fully funded from existing cash, marks a significant advancement for the company as it expands its fleet to approximately 4.3k NVIDIA GPUs, with the potential to ultimately host more than 20,000 Blackwell GPUs.
The expansion comes as a response to observed demand from AI-native enterprises, cloud operators, and hyperscalers, as training and inference workloads continue to grow. The company expects the deployment to deliver attractive risk-adjusted returns on a stand-alone basis, while also supporting active discussions across its AI data center business.
Iren's vertically integrated platform, underpinned by 2,910 MW of grid-connected power, is uniquely positioned to deliver powered shells, build-to-suit, turnkey colocation, and fully managed cloud services, providing customers with flexible, end-to-end solutions across the AI infrastructure stack.
As noted by Daniel Roberts, Co-CEO of Iren, the investment is compelling on two fronts: strong near-term economics and meaningful strategic positioning. The expansion not only enables the company to meet current customer demand but also supports the broader infrastructure conversations driving its next phase of growth.
The company's acquisition of the 2.4k NVIDIA Blackwell GPUs represents a significant step forward in its AI cloud services growth, as it continues to position itself as a leading provider of next-generation compute in a supply-constrained market. Following these announcements, the company's shares moved 7.41%, and are now trading at a price of $16.82. Check out the company's full 8-K submission here.
