IREN (IREN) jumped 11% in pre-market trading to $43 after the company announced it has doubled its AI Cloud capacity to 23,000 GPUs, lifting its annualized run-rate revenue target to more than $500 million by Q1 of 2026.

The company invested about $674 million in 7,100 NVIDIA B300s, 4,200 NVIDIA B200s and 1,100 AMD MI350Xs. Deliveries will be staged over the coming months at IREN’s Prince George campus, which alongside Texas facilities, can eventually host over 60,000 Blackwell GPUs.

The expanded fleet now includes 1,900 NVIDIA H100s and H200s, 19,100 NVIDIA B200s and B300s, 1,200 NVIDIA GB300s and 1,100 AMD MI350Xs. The addition of AMD hardware broadens IREN’s offering and customer reach.

“As global demand for compute accelerates, customers are increasingly seeking partners who can deliver scale quickly,” said Co-CEO Daniel Roberts. “Doubling our fleet to more than 23,000 GPUs in just a few months highlights the strength of our vertically integrated platform.”

IREN is simultaneously working on financing initiatives to support growth while mitigating any impact on its 50 EH/s bitcoin (BTC) mining operations.

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