IREN Purchases 4.2k NVIDIA Blackwell GPUs & Secures Financing - AI Cloud Expanded to 8.5k GPUs

Rhea-AI Summary

IREN (NASDAQ: IREN) has significantly expanded its AI computing capabilities by purchasing 4,200 NVIDIA Blackwell B200 GPUs for approximately $193 million. The company has also secured $102 million in financing for a previous Blackwell GPU purchase through a 36-month lease arrangement.

This expansion doubles IREN's GPU fleet to approximately 8,500 NVIDIA GPUs, including 800 H100s, 1,100 H200s, 5,400 B200s, and 1,200 B300s. The new B200s will be installed at IREN's Prince George campus, which has 50MW of total power capacity and can support growth to approximately 20,000 Blackwell GPUs.

Positive

• None.

Negative

• Significant capital expenditure of $193M for new GPUs from existing cash
• High single-digit interest rate on lease financing
• Pending financing arrangements for new GPU purchase creates uncertainty

Insights

Technology Infrastructure Analyst

IREN doubles AI capacity with 4.2k NVIDIA Blackwell GPUs while securing $102M financing for previous purchases, strengthening their competitive position.

IREN's acquisition of 4.2k NVIDIA Blackwell B200 GPUs for approximately $193 million represents a significant expansion of their AI computing infrastructure. This purchase effectively doubles their GPU fleet to around 8.5k NVIDIA GPUs, positioning them as a more substantial player in the high-performance computing space.

The company has also secured $102 million in financing for a previous Blackwell GPU purchase through a 36-month lease arrangement at a high single-digit interest rate. This financial structure allows IREN to preserve capital while expanding their technological capabilities - a strategic approach to scaling in the capital-intensive AI infrastructure sector.

What's particularly notable is the composition of their expanded GPU fleet: 0.8k NVIDIA H100s, 1.1k NVIDIA H200s, 5.4k NVIDIA B200s, and 1.2k NVIDIA B300s. This diversified portfolio of GPUs gives IREN access to both current and next-generation AI computing capabilities. The Blackwell architecture represents NVIDIA's latest technology with significant performance improvements over previous generations.

IREN's Prince George campus, with its 50MW power capacity, provides substantial room for growth - potentially supporting up to 20,000 Blackwell GPUs. This scalability is crucial in the rapidly expanding AI infrastructure market where capacity constraints often limit growth. The company appears to be maintaining its Bitcoin mining capacity at 50 EH/s while expanding its AI cloud business, indicating a dual-focus strategy that leverages their existing data center infrastructure.

This expansion positions IREN to capitalize on growing demand for AI computing resources, potentially generating new revenue streams beyond their traditional mining operations. The non-dilutive financing approach also preserves shareholder value while enabling significant infrastructure growth.

NEW YORK, Aug. 25, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced it has procured an additional 4.2k NVIDIA Blackwell B200 GPUs, which doubles IREN’s total GPU fleet to approximately 8.5k NVIDIA GPUs. In addition, IREN has secured financing of $102m for a prior purchase of NVIDIA Blackwell B200 and B300 GPUs.

Financing for prior Blackwell purchase

IREN has secured $102m in financing in respect of a prior purchase of NVIDIA Blackwell B200 and B300 GPUs. The financing is structured as a 36-month lease for 100% of the purchase price of the GPUs, with lease payments calculated utilizing a high single digit interest rate.

The financing will release funding to support further growth initiatives, including the procurement of further NVIDIA Blackwell GPUs.

Additional Blackwell purchase    

IREN has also secured an additional 4.2k NVIDIA Blackwell B200 GPUs for approximately $193m, including ancillary equipment.¹ Financing conversations are underway in respect of these GPUs, with the initial commitment made from existing cash.

These new B200s will be installed at IREN’s Prince George campus. Total installed mining capacity is expected to remain at ~50 EH/s following efficient utilization of spare data center capacity at other sites.

This purchase will expand IREN’s AI Cloud over the coming months to approximately 8.5k NVIDIA GPUs consisting of:

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

With 50MW of total power capacity, IREN’s Prince George campus is able to support phased growth to ~20,000 Blackwell GPUs.²

Daniel Roberts, Co-Founder & Co-CEO of IREN, commented:

“Our expanded Blackwell capacity positions IREN to capture strong demand and drive the next phase of our AI Cloud revenue growth. Utilizing competitively priced, non-dilutive capital further strengthens the value proposition in scaling our AI Cloud business."

Assumptions and Notes

1. Includes servers, InfiniBand and cabling.
2. >20k air-cooled Blackwell GPU capacity reflects 50MW gross power capacity at IREN’s Prince George data center campus, and assumes PUE of 1.1 and power draw of 1.93kW per GPU (including ancillary power draw), based on NVIDIA B200 reference architecture.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or IREN’s future financial or operating performance. For example, forward-looking statements include but are not limited to IREN’s business strategy, expected operational and financial results, and expected increase in power capacity and hashrate. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “target”, “will,” “estimate,” “predict,” “potential,” “continue,” “scheduled” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.

These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause IREN’s actual results, performance or achievements to be materially different from any future results performance or achievements expressed or implied by the forward looking statements, including IREN’s ability to successfully execute on its growth strategies and operating plans, including its ability to continue to develop its existing data center sites, design and deploy direct-to-chip liquid cooling systems, and diversify and expand into the market for high performance computing solutions (including the market for cloud services and potential colocation services and other important factors discussed under the caption “Risk Factors” in IREN’s annual report on Form 20-F filed with the SEC on August 28, 2024 as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investor Relations section of IREN’s website at https://investors.iren.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that IREN makes in this press release speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

About IREN

IREN is a vertically integrated data center business powering the future of Bitcoin, AI and beyond utilizing 100% renewable energy including through the purchase of RECs. Strategically located in renewable-rich, fiber-connected regions across the U.S. and Canada, IREN’s large-scale, grid-connected facilities are purpose-built for the next generation of power-dense computing applications.

• Power & Land Portfolio: 2,910MW of grid-connected power secured across >2,000 acres in the U.S. and Canada, with an additional multi-gigawatt development pipeline.
• Next-Generation Data Centers: 810MW of operating data centers underpinning three verticals: Bitcoin Mining, AI Cloud Services and AI Data Centers.
• Bitcoin Mining: one of the world’s largest and lowest-cost Bitcoin producers with 50 EH/s of installed self-mining capacity.
• AI Cloud Services: delivering high performance cloud compute to AI customers with next-generation NVIDIA GPUs.
• AI Data Centers: end-to-end design, construction and operation of data center infrastructure tailored for AI workloads.
  
  

Contacts

Media Megan Boles Aircover Communications +1 562 537 7131 megan.boles@aircoverpr.com  Jon Snowball Sodali & Co +61 477 946 068 +61 423 136 761

Investors Mike Power IREN mike.power@iren.com

FAQ

How many NVIDIA GPUs did IREN purchase in August 2025?

IREN purchased 4,200 NVIDIA Blackwell B200 GPUs for approximately $193 million, including ancillary equipment.

What is the total size of IREN's GPU fleet after the new purchase?

IREN's total GPU fleet expanded to 8,500 NVIDIA GPUs, consisting of 800 H100s, 1,100 H200s, 5,400 B200s, and 1,200 B300s.

How much financing did IREN secure for its previous Blackwell GPU purchase?

IREN secured $102 million in financing through a 36-month lease arrangement at a high single-digit interest rate.

What is the capacity of IREN's Prince George campus?

IREN's Prince George campus has 50MW of total power capacity and can support phased growth to approximately 20,000 Blackwell GPUs.

Will IREN's mining capacity change after this GPU expansion?

No, IREN's total installed mining capacity is expected to remain at 50 EH/s through efficient utilization of spare data center capacity at other sites.