IREN targets 150k+ GPUs
$IREN announced an AI pivot at GTC with an eye toward scaling to 150,000+ GPUs—Sam Badawi flagged that ambitious capacity target as part of the conference chatter. The plan positions IREN as an infrastructure play aiming to supply massive GPU pools for enterprise and robotics workloads. (x.com)
IREN entered purchase agreements for more than 50,000 NVIDIA B300 GPUs, taking its announced fleet target to roughly 150,000 GPUs. (financialcontent.com) The GPU orders are covered by purchase agreements with Dell entities totaling about $3.5 billion—approximately $2.3 billion with Dell Canada and $1.2 billion with Dell USA—with payments due within 30 days of each shipment and IREN unconditionally guaranteeing its subsidiaries’ obligations. (stocktitan.net) The company says deliveries and commissioning will be phased through the second half of 2026 and will use existing air‑cooled capacity at sites such as Mackenzie/Canal Flats and Childress, Texas. (marketscreener.com) IREN reported it operated roughly 23,000 GPUs as of September 2025, making the new procurement a large multiple of its previously installed base. (datacenterdynamics.com) Management projects the 150,000‑GPU fleet could support AI Cloud annualized run‑rate revenue of more than $3.7 billion by the end of 2026 and anticipates about $3.5 billion in additional capex tied to H2 2026 deployments. (financialcontent.com) To fund the buildout IREN says it has secured roughly $9.3 billion in the past eight months via customer prepayments, convertible notes, GPU leasing and financing arrangements. (stocktitan.net) The company also expanded its at‑the‑market equity program to up to $6 billion and added major banks including Goldman Sachs, Citizens JMP Securities and Jefferies to the sales syndicate in the updated prospectus supplement. (panabee.com) IREN’s prior November 2025 announcement of a multiyear GPU services agreement with Microsoft—valued at about $9.7 billion and including 20% prepayments—remains a cornerstone of the company’s revenue assumptions, and investors sold shares after the recent ATM expansion (shares fell roughly 8.5% on the news). (finance.yahoo.com)
