Cryptocurrency and AI infrastructure company IREN Limited (NASDAQ: IREN) has dramatically expanded its AI computing capacity, doubling its AI Cloud to approximately 23,000 graphics processing units.
The company achieved this growth by acquiring an additional 12,400 GPUs at a cost of roughly USD$674 million. Announced on Monday, the new purchases include 7,100 NVIDIA B300s, 4,200 NVIDIA B200s, and 1,100 AMD MI350Xs.
IREN aims to generate over USD$500 million in annualized AI Cloud revenue by the first quarter of 2026. Analysts say this goal appears realistic given the company’s strong financial position. Current revenues are USD$501.02 million, and a current ratio of 4.29 indicates the firm holds robust liquidity to support its expansion.
The expanded GPU fleet will arrive at IREN’s Prince George campus in British Columbia over the coming months. The company said its facilities in British Columbia can support more than 60,000 Blackwell GPUs. In addition, its Texas data centers provide further capacity to meet growing demand.
“As global demand for compute accelerates, customers are increasingly seeking partners who can deliver scale quickly,” said Daniel Roberts, co-founder and co-CEO of IREN.
The company has subsequently reported that customers are increasingly contracting GPU capacity ahead of delivery. IREN is currently negotiating multi-thousand GPU clusters with several clients.
To finance its growth, IREN is exploring additional funding options. The company expects any potential impact on its Bitcoin mining operations to be offset by redeploying existing ASICs to other sites.
Additionally, IREN operates data centers across the United States and Canada. Its facilities also include 2,910MW of grid-connected power, with 810MW actively supporting three segments: Bitcoin mining, AI cloud services, and AI data centers.
Read more: HIVE strengthens AI infrastructure with new Toronto facility
Read more: SEC approves generic standards for spot Crypto ETFs
Competition is thick in the cryptomining industry
IREN faces significant competition in cryptocurrency mining.
For example, Strategy (NASDAQ: MSTR) benefits from a growing Bitcoin yield. It reached 19.7 per cent at the end of the Q2 of 2025 and 25 per cent year to date. In dollar terms, Strategy earned USD$9.5 billion in Bitcoin gains during the second quarter and USD$13.2 billion year to date. The company targets a 30 per cent Bitcoin yield and USD$20 billion in gains, assuming Bitcoin reaches USD$150,000 by year-end.
CleanSpark Inc (NASDAQ: CLSK) also shows strong performance, producing 2,012 Bitcoins in Q3 of fiscal 2025. This further represents a 28 per cent increase year over year. Its Average Revenue Per Bitcoin rose 50 per cent to USD$99,000, while costs remained far below the USD$44,806 spot price.
IREN shares have surged 314.5 per cent year to date, far outperforming the Zacks Finance sector’s 14.9 per cent gain and the Financial Miscellaneous Services industry’s 9.7 per cent. However, the stock trades at a premium, with a price-to-cash-flow ratio of 4.82X versus the industry average of 3.81X.
Zacks Consensus forecasts fiscal 2026 earnings of USD$1.08 per share, unchanged in the past week. For fiscal 2025, IREN reported earnings of just 4 cents per share. Meanwhile, the firm’s aggressive GPU expansion signals a strong push into AI cloud services. This could therefore transform its revenue mix and market positioning over the next year.
.
