- Sydney-based Iren agreed to purchase more than 50,000 Nvidia B300 GPUs, growing its AI compute fleet by roughly 50% to approximately 150,000 chips total.
- The hardware will be deployed in phases at data centres in Mackenzie, British Columbia and Childress, Texas throughout the second half of 2026, with Iren projecting more than US$3.7 billion (AU$5.2 billion) in annualised AI cloud revenue once fully operational.
- To fund the roughly US$3.5 billion (AU$4.9 billion) in additional capital expenditure required, Iren launched an at-the-market equity offering of up to US$6 billion (AU$8.5 billion); its shares fell about 5% in pre-market trading on dilution concerns.
Sydney-based Bitcoin miner Iren has agreed to buy approximately 50,000 Nvidia B300 GPUs, expanding its total fleet by around 50% to about 150,000 GPUs.
The company said the hardware will be supplied through Dell and deployed in phases during the second half of 2026 at its data centres in Mackenzie, British Columbia, and Childress, Texas. The B300 is part of Nvidia’s latest-generation GPU lineup for AI workloads.
Iren CEO Daniel Roberts said the full 150,000-GPU fleet is expected to support more than US$3.7 billion (AU$5.66 billion) in annualised AI cloud revenue run rate once deployment is complete by late 2026.
Scaling to 150,000 GPUs positions IREN among the largest AI cloud infrastructure providers globally and underscores the strength of our vertically integrated platform. In a supply-constrained environment, early hardware procurement reduces time-to-compute and increases execution certainty as we scale.
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Funding The Buildout
To support the buildout, the company said it has secured or arranged about US$9.3 billion (AU$14.23 billion) in funding capacity over the past eight months through customer prepayments, convertible notes, GPU leasing agreements and external financing.
The latest GPU order will require an additional US$3.5 billion (AU$5.36 billion) in capital expenditure in the second half of 2026. That spending covers GPUs, servers, storage, networking, labour and related equipment.
The order is Iren’s largest single compute fleet expansion to date. The firm has also established an at-the-market equity programme that allows it to raise up to US$6 billion (AU$9.18 billion) by selling shares over time.
The company’s pre-market share price fell about 5% after the announcement, according to Google Finance.
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