IREN Expands AI Cloud with Major GPU Purchases and Financing

IREN Enhances GPU Capabilities and AI Cloud Infrastructure

IREN Limited (NASDAQ: IREN) recently made significant strides in advancing its AI cloud services by acquiring 4.2k additional NVIDIA Blackwell B200 GPUs. This strategic purchase doubles IREN's total GPU inventory to approximately 8.5k NVIDIA GPUs, strengthening its infrastructure for AI and compute-intensive tasks.

Financing for Previous GPU Purchase

To support its growth initiatives, IREN successfully secured $102 million in financing for a prior acquisition of NVIDIA Blackwell B200 and B300 GPUs. This financing is structured as a 36-month lease covering 100 percent of the GPU purchase price, using a competitive interest rate model to optimize financial outlay.

This arrangement is expected to release crucial funds that will enable IREN to further extend its fleet of NVIDIA GPUs and bolster its AI cloud infrastructure.

Recent GPU Acquisition Details

In addition to the financing, IREN has also completed a purchase for an additional 4.2k NVIDIA Blackwell B200 GPUs at an estimated cost of $193 million, which includes necessary ancillary equipment. Initial funding for this acquisition was derived from existing cash reserves, while financing negotiations are currently in progress.

The installation of these new B200 GPUs will take place at IREN’s Prince George campus, with expectations of maintaining a total mining capacity of approximately 50 EH/s, thanks to efficient utilization of available data center capacities.

Expansion of AI Cloud Services

This latest investment is set to significantly upgrade IREN’s AI Cloud, expanding its GPU capacity to roughly 8.5k units, composed of varied models:

• 0.8k NVIDIA H100s
• 1.1k NVIDIA H200s
• 5.4k NVIDIA B200s
• 1.2k NVIDIA B300s

IREN's Prince George campus boasts a total power capacity of 50MW, creating potential for phased growth that could support up to ~20,000 Blackwell GPUs, positioning the organization for robust scalability.

Executive Insights on GPU Strategy

Daniel Roberts, Co-Founder and Co-CEO of IREN, shared his enthusiasm for the expanded GPU capacity, stating, “Our enhanced Blackwell capacity positions IREN to capture strong demand and drive the next phase of our AI Cloud revenue growth. Leveraging competitively priced and non-dilutive capital significantly reinforces our strategic advantage in scaling our AI Cloud business.”

Strategic Considerations

It's pertinent to note that the anticipated GPU capacity includes servers, InfiniBand, and cabling as part of the overall infrastructure enhancement. The capabilities are based on a power usage effectiveness (PUE) of 1.1 and a power draw of 1.93kW per GPU, derived from the NVIDIA B200 GPU's reference architecture.

About IREN Limited

IREN is a vertically integrated data center company focused on pioneering the future of high-density computing in Bitcoin, AI, and other sectors through 100 percent renewable energy initiatives. The company strategically operates in regions abundant in renewable resources and fiber connectivity across the U.S. and Canada. IREN’s large-scale, grid-connected facilities are expertly designed for the next generation of power-intensive computing demands.

• Power & Land Portfolio: Boasts 2,910MW of grid-connected power across over 2,000 acres, complemented by a multi-gigawatt development pipeline.
• Next-Generation Data Centers: Operates 810MW of data centers serving three key sectors: Bitcoin Mining, AI Cloud Services, and AI Data Centers.
• Bitcoin Mining: Recognized as one of the world’s largest Bitcoin producers, with an impressive 50 EH/s of installed capacity.
• AI Cloud Services: Provides high-performance cloud computing solutions utilizing cutting-edge NVIDIA GPUs.
• AI Data Centers: Engages in comprehensive design, construction, and management of data center infrastructure tailored for AI applications.

Frequently Asked Questions

What recent purchases has IREN made to enhance its GPU capacity?

IREN has acquired an additional 4.2k NVIDIA Blackwell B200 GPUs, which increases its total fleet to approximately 8.5k NVIDIA GPUs.

How much financing did IREN secure for its GPU acquisitions?

IREN secured $102 million in financing for a previous purchase of NVIDIA Blackwell GPUs, structured as a three-year lease.

What are the plans for the installation of the new GPUs?

The newly purchased GPUs will be installed at IREN's Prince George campus, aiming to maintain a mining capacity of about 50 EH/s.

What is the significance of the additional GPU capacity for IREN?

The expanded GPU capacity allows IREN to capture strong demand in the AI Cloud market, driving growth in revenue and operational efficiency.

How does IREN position itself in terms of renewable energy?

IREN operates its data centers using 100 percent renewable energy and focuses on sustainable practices across its operations.

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