IREN Limited purchases 2.4k next-gen NVIDIA GPUs for AI Cloud Services, expanding its capabilities at Prince George, BC.
Quiver AI Summary
IREN Limited announced the acquisition of 2,400 next-generation NVIDIA Blackwell B200 and B300 GPUs for about $130 million, which will be funded from existing cash. This purchase, consisting of 1,300 B200 and 1,100 B300 GPUs, will enhance IREN's data center capabilities at its Prince George, BC campus, increasing its total GPU fleet to approximately 4,300 units. The installation will begin shortly and aims to meet the rising demand from AI enterprises and cloud operators. IREN plans to explore additional financing options to support growth in its AI Cloud Services. The investment highlights IREN's commitment to leveraging advanced GPU technology in a competitive market, and it positions the company favorably for future expansion and infrastructure development in AI services.
Potential Positives
- IREN Limited has secured a significant purchase of 2.4k next-generation NVIDIA Blackwell GPUs, valued at approximately $130 million, which positions the company to enhance its AI Cloud Services capabilities.
- The expansion of IREN's GPU fleet to approximately 4.3k NVIDIA GPUs supports increasing demand from AI-native enterprises and strengthens the company's competitive edge in a supply-constrained market.
- The investment in infrastructure is expected to deliver attractive risk-adjusted returns and supports IREN's strategic growth objectives while facilitating discussions in its AI Data Center business.
- IREN's vertically integrated model combined with a substantial power capacity provides a strong foundation for offering flexible, end-to-end solutions across the AI infrastructure stack, appealing to a broad range of customers.
Potential Negatives
- IREN is evaluating a range of financing alternatives to support its AI Cloud Services growth, indicating potential financial instability or the need for external funding despite having existing cash.
- The reliance on forward-looking statements suggests uncertainty in IREN's strategic plans and potential risks that could adversely impact its future performance.
- The mention of "displaced mining hardware" may raise concerns about management of current assets and operational efficiency related to the transitioning business focus towards AI services.
FAQ
What is IREN Limited's recent GPU purchase?
IREN Limited announced the purchase of 2.4k NVIDIA Blackwell GPUs for approximately $130 million to enhance its computing capabilities.
How will IREN's GPU expansion affect its operations?
The expansion will increase IREN's GPU fleet to about 4.3k units, improving performance and efficiency for AI Cloud Services.
What financing methods is IREN considering for growth?
IREN is evaluating various financing alternatives while the current GPU purchase is funded entirely from existing cash reserves.
What is the expected contribution of the new GPUs to IREN?
The new NVIDIA Blackwell GPUs are anticipated to support demand from AI-native enterprises and improve IREN's operational returns.
What does IREN's energy infrastructure look like?
IREN has secured 2,910 MW of grid-connected power, allowing flexible and scalable operations for its AI and computing services.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$IREN Hedge Fund Activity
We have seen 100 institutional investors add shares of $IREN stock to their portfolio, and 98 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP removed 5,684,836 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $34,620,651
- CITADEL ADVISORS LLC added 4,542,934 shares (+416.8%) to their portfolio in Q1 2025, for an estimated $27,666,468
- SITUATIONAL AWARENESS LP added 3,366,130 shares (+inf%) to their portfolio in Q1 2025, for an estimated $20,499,731
- WALLEYE TRADING LLC added 3,319,029 shares (+1086.8%) to their portfolio in Q1 2025, for an estimated $20,212,886
- BIT CAPITAL GMBH added 3,034,393 shares (+23.5%) to their portfolio in Q1 2025, for an estimated $18,479,453
- NATIONAL BANK OF CANADA /FI/ removed 2,945,500 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $17,938,095
- D. E. SHAW & CO., INC. added 2,781,955 shares (+381.4%) to their portfolio in Q1 2025, for an estimated $16,942,105
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$IREN Analyst Ratings
Wall Street analysts have issued reports on $IREN in the last several months. We have seen 3 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Macquarie issued a "Outperform" rating on 05/15/2025
- B. Riley issued a "Buy" rating on 05/15/2025
- Cantor Fitzgerald issued a "Overweight" rating on 02/09/2025
To track analyst ratings and price targets for $IREN, check out Quiver Quantitative's $IREN forecast page.
$IREN Price Targets
Multiple analysts have issued price targets for $IREN recently. We have seen 2 analysts offer price targets for $IREN in the last 6 months, with a median target of $20.0.
Here are some recent targets:
- Paul Golding from Macquarie set a target price of $20.0 on 05/15/2025
- An analyst from Cantor Fitzgerald set a target price of $20.0 on 03/07/2025
Full Release
SYDNEY, July 03, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced the purchase of 2.4k next-generation NVIDIA Blackwell B200 and B300 GPUs for ~$130m, including fit-out costs. 1 The purchase is fully funded from existing cash, however, IREN is also evaluating a range of financing alternatives to support its AI Cloud Services growth.
The order (1.3k B200 and 1.1k B300 GPUs) will be installed over the coming months at IREN’s Prince George, BC campus, with any displaced mining hardware expected to be redistributed to other sites. Combined with the existing 1.9k Hopper GPUs, this expansion increases IREN’s fleet to approximately 4.3k NVIDIA GPUs. With 50MW of dedicated power, Prince George can ultimately host more than 20,000 Blackwell GPUs, providing a clear runway for phased growth. 2
The Blackwell architecture delivers significant advancements in performance and efficiency, positioning IREN among the first cloud providers to offer next-generation compute in a supply-constrained market. Observed demand from AI-native enterprises, cloud operators and hyperscalers continues to increase as training and inference workloads grow.
IREN expects the deployment to deliver attractive risk-adjusted returns on a stand-alone basis while simultaneously supporting active discussions across its AI Data Center business. IREN’s vertically integrated platform, underpinned by 2,910 MW of grid-connected power, is uniquely positioned to deliver powered shells, build-to-suit, turnkey colocation, and fully managed cloud services, providing customers with flexible, end-to-end solutions across the AI infrastructure stack.
“ This investment is compelling on two fronts: strong near-term economics and meaningful strategic positioning, ” said Daniel Roberts, Co-CEO of IREN.
"Expanding our Blackwell footprint not only enables us to meet current customer demand, it also supports the broader infrastructure conversations driving our next phase of growth.”
Assumptions and Notes
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Includes servers, storage, labor and ancillary equipment such as InfiniBand, racks and cabling.
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>20k air-cooled Blackwell GPU capacity reflects 50MW gross power capacity at Prince George, and assumes PUE of 1.1 and power draw of 1.93kW per GPU (including ancillary power draw), based on NVIDIA B200 reference architecture.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or IREN’s future financial or operating performance. For example, forward-looking statements include but are not limited to the Company’s business strategy, expected operational and financial results, and expected increase in power capacity and hashrate. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “target”, “will,” “estimate,” “predict,” “potential,” “continue,” “scheduled” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause IREN’s actual results, performance or achievements to be materially different from any future results performance or achievements expressed or implied by the forward looking statements, including IREN’s ability to successfully execute on its growth strategies and operating plans, including its ability to continue to develop its existing data center sites, design and deploy direct-to-chip liquid cooling systems, and diversify and expand into the market for high performance computing solutions (including the market for cloud services and potential colocation services and other important factors discussed under the caption “Risk Factors” in IREN’s annual report on Form 20-F filed with the SEC on August 28, 2024 as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investor Relations section of IREN’s website at https://investors.iren.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that IREN makes in this press release speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
About IREN
IREN is a vertically integrated data center business powering the future of Bitcoin, AI and beyond utilizing 100% renewable energy. Strategically located in renewable-rich, fiber-connected regions across the U.S. and Canada, IREN’s large-scale, grid-connected facilities are purpose-built for the next generation of power-dense computing applications.
- Power & Land Portfolio : 2,910MW of grid-connected power secured across >2,000 acres in the U.S. and Canada, with an additional multi-gigawatt development pipeline.
- Next-Generation Data Centers : 810MW of operating data centers underpinning three verticals: Bitcoin Mining, AI Cloud Services and AI Data Centers.
- Bitcoin Mining : one of the world’s largest and lowest-cost Bitcoin producers with 50 EH/s of installed self-mining capacity.
- AI Cloud Services : delivering high performance cloud compute to AI customers with next-generation NVIDIA GPUs.
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AI Data Centers
: end-to-end design, construction and operation of data center infrastructure tailored for AI workloads, with up to 50MW (IT load) liquid cooled capacity scheduled for delivery in 2025.
Contacts
Media
Megan Boles Aircover Communications +1 562 537 7131 [email protected] Jon Snowball Sodali & Co +61 477 946 068 +61 423 136 761 |
Investors
Mike Power IREN [email protected] |