Iren’s $6B Share Offering and 50,000 Nvidia GPUs Signal Aggressive AI Cloud Expansion

Iren Limited has dramatically scaled its ambitions, expanding a share offering program from $1 billion to $6 billion to fund an aggressive push into AI infrastructure. The company secured purchase agreements for over 50,000 Nvidia B300 GPUs, bringing its total fleet to 150,000 units. Deployment across air-cooled data centers in Texas and British Columbia will be phased through 2026.

The expanded hardware footprint is projected to generate $3.7 billion in annualized AI Cloud revenue by late 2026, according to internal estimates. This growth comes at a steep cost—approximately $3.5 billion in additional capex—financed through a combination of customer prepayments and the enlarged share offering program.

Analysts remain bullish, with H.C. Wainwright maintaining its $80 price target. The firm cites Iren's rapid data center progress and insatiable market demand for GPU capacity. Over $9.3 billion has been raised across capital markets in just eight months, underscoring investor confidence in the AI infrastructure thesis.