Bitcoin miner IREN doubles its GPU fleet

Australia-based bitcoin miner IREN is rapidly pivoting into AI infrastructure. On Monday, the company announced a major GPU expansion, doubling its fleet to 23,000 units and sending its stock higher.

$674M order boosts capacity

The $674 million procurement includes 7,100 Nvidia B300s, 4,200 Nvidia B200s, and 1,100 AMD MI350X GPUs. Following the announcement, IREN’s shares jumped 9% in premarket trading to nearly $42, extending last week’s rally that saw the stock reach record highs above $38.

Deployment in Canada and Texas

Deliveries will roll out in the coming months to IREN’s Prince George campus in British Columbia, which can host over 60,000 Blackwell GPUs. The company also pointed to expansion opportunities at its Texas sites.

Once fully deployed, IREN’s GPU inventory will total around 23,000 units: 1,900 Nvidia H100s and H200s, 19,100 B200s and B300s, 1,200 GB300s, and 1,100 AMD MI350Xs.

AI pivot with mining balance

The company projects more than $500 million in annualized AI cloud revenue by Q1 2026. While focusing on GPUs, IREN continues to operate about 50 EH/s in bitcoin mining. To balance both businesses, the company plans to redistribute ASIC miners across other facilities.

IREN’s strategy highlights the growing convergence between crypto mining infrastructure and the booming AI industry.