IREN Limited Expands GPU Fleet with Major NVIDIA Acquisition
IREN Limited Expands GPU Fleet
IREN Limited (NASDAQ: IREN) has recently announced the procurement of an additional 4,200 NVIDIA Blackwell B200 GPUs, which significantly enhances its total GPU fleet to around 8,500 NVIDIA GPUs. This strategic move aims to strengthen its position in the AI Cloud sector while facilitating future growth opportunities.
Secured Financing to Propel Expansion
The company has secured financing of $102 million to support a previous purchase of NVIDIA Blackwell B200 and B300 GPUs. This funding arrangement is structured as a 36-month lease, covering the full purchase price with lease payments based on a high single-digit interest rate.
Funding Utilization for Growth
This financing is pivotal for IREN as it frees up resources that can be directed towards its ongoing growth initiatives. The capital will play a crucial role in facilitating further acquisitions of NVIDIA Blackwell GPUs, a key component of IREN's strategy to expand its computing capacity.
Additional GPU Purchases Enhancing Capacity
In addition to the aforementioned GPUs, IREN has acquired an extra 4.2k NVIDIA Blackwell B200 GPUs for approximately $193 million, which also includes essential ancillary equipment. Discussions for financing the recent GPU acquisition are ongoing, with an initial commitment being made from the company's available cash reserves.
Installation Plans at Prince George Campus
These newly acquired B200 GPUs will be strategically installed at IREN's facility in Prince George. Following the installation, the total mining capacity is expected to be maintained at around 50 EH/s, effectively utilizing spare capacity from other data centers. This step will be critical in optimizing operational efficiency.
Enhancing AI Cloud Services
With the latest GPU acquisition, IREN's AI Cloud infrastructure will expand to approximately 8,500 NVIDIA GPUs. The breakdown of this capacity includes:
- 800 NVIDIA H100s
- 1,100 NVIDIA H200s
- 5,400 NVIDIA B200s
- 1,200 NVIDIA B300s
This extensive infrastructure is designed to deliver high-performance cloud computing services tailored for AI applications, thereby reinforcing IREN's competitive advantages in the marketplace.
Future Growth Initiatives
IREN's Prince George campus has a robust total power capacity of 50MW, enabling the company to scale up to roughly 20,000 Blackwell GPUs in a phased approach. This capability will support IREN in meeting the growing demand for compute resources required for advanced applications like artificial intelligence.
Leadership Insight
Daniel Roberts, Co-Founder and Co-CEO of IREN, emphasized the strategic importance of the expanded 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, non-dilutive capital further strengthens our value proposition in scaling the AI Cloud business."
About IREN
IREN is a vertically integrated data center business focused on fostering the growth of crypto mining, AI, and other high-performance computing applications. The company is committed to utilizing 100% renewable energy, ensuring sustainable operations across its strategically located facilities in renewable-rich areas of the U.S. and Canada.
Diverse Energy Portfolio
IREN boasts a power and land portfolio of 2,910MW across more than 2,000 acres, supplemented by developments in its pipeline. Its advanced data centers total 810MW and are equipped to handle Bitcoin mining, AI cloud services, and AI data center operations.
Contacts for Media and Investors
For media inquiries, contact:
Megan Boles
Aircover Communications
+1 562 537 7131
megan.boles@aircoverpr.com
For investor relations, reach out to:
Mike Power
IREN
mike.power@iren.com
Frequently Asked Questions
What is IREN Limited's recent GPU acquisition?
IREN Limited has acquired 4.2k NVIDIA Blackwell B200 GPUs, doubling its GPU fleet to approximately 8.5k.
How is IREN funding its GPU purchases?
The company has secured $102 million in financing to facilitate earlier purchases of NVIDIA GPUs.
Where will the new GPUs be installed?
The new GPUs will be installed at IREN’s Prince George campus, enhancing its total mining capacity.
What are the future plans for IREN’s GPU capacity?
IREN plans to grow its GPU capacity to around 20,000 Blackwell GPUs, leveraging its existing energy infrastructure.
Who can I contact for more information about IREN?
For media or investor inquiries, you can contact Megan Boles or Mike Power at their respective emails provided above.
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