IREN Gains 11% Ahead of Market Open as Bitcoin Mining Firm Doubles AI Fleet

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

IREN (IREN) surged 11% in pre-market trading to $43 following the announcement that it has doubled its AI Cloud capacity to 23,000 GPUs, boosting 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, with deliveries staged at its Prince George campus. Combined with its Texas facilities, IREN’s infrastructure could eventually support more than 60,000 Blackwell GPUs.

The expanded fleet also includes 1,900 NVIDIA H100s and H200s, 19,100 B-series NVIDIA GPUs, 1,200 GB300s, and 1,100 AMD MI350Xs, broadening the company’s hardware capabilities and customer reach.

“As global compute demand grows, customers are seeking partners who can deliver scale quickly,” said Co-CEO Daniel Roberts. “Doubling our fleet in a few months underscores the strength of our vertically integrated platform.”

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