Iren Bets $670 Million On Nvidia, AMD Chips For AI Cloud

Iren Limited IREN is doubling down on artificial intelligence. The data center operator and bitcoin miner said Monday it has snapped up nearly $670 million worth of GPUs from Nvidia NVDA and AMD AMD to supercharge its AI cloud business.

The order is a big one: 7,100 of Nvidia's B300s, 4,200 B200s, and 1,100 of AMD's MI350Xs. Once deliveries are complete over the next few months, IREN's GPU fleet will jump to more than 23,000 units. The company says that scale should help it hit a target of $500 million in annual recurring AI cloud revenue by the end of Q1 2026.

As global demand for compute accelerates, customers are increasingly seeking partners who can deliver scale quickly, CEO Daniel Roberts said. He called the doubling of IREN's fleet in just a few months proof of the company's vertically integrated model, and a sign that customer demand is being locked in ahead of delivery.

For investors, the bet underscores how aggressively IREN is pivoting into AI, using its infrastructure roots to compete for a bigger slice of the booming GPU cloud market.