AI cloud company Iren has entered into purchase agreements for more than 50,000 Nvidia B300 GPUs.

The new acquisition will bring Iren’s fleet to 150,000 GPUs on its cloud platform. As of September last year, the company had 23,000 GPUs.

The additional GPUs will be deployed across Iren’s data centers in Mackenzie, British Columbia, and Childress, Texas, in phases across the first half of 2026. According to the company, the expanded fleet is expected to enable an annualized run-rate revenue of more than $3.7 billion by the end of the year.

Iren claims to have additional capacity available at its Childress data center and at its Canal Flats data center in British Columbia for further GPU deployments.

In the past eight months, Iren has secured $9.3bn in funding through customer prepayments, convertible notes, GPU leasing, and GPU financing, which will be used to finance an additional $3.5 billion in capex related to the acquisition of the B300s.

In November 2025, Iren secured a $9.7bn cloud capacity deal with Microsoft that would give Microsoft access to Iren’s fleet of B300 GPUs. Microsoft provided 20 percent in pre-payment. The following month, it was reported that Iren was seeking $2bn in a convertible bond issue.

Iren’s co-CEO and co-founder, Daniel Roberts, said: “Scaling to 150,000 GPUs positions Iren among the largest AI cloud infrastructure providers globally and underscores the strength of our vertically integrated platform. In a supply-constrained environment, early hardware procurement reduces time-to-compute and increases execution certainty as we scale.”

Iren was formerly known as Iris Energy. The company is in the midst of a pivot away from cryptomining towards its AI cloud business. While it is still mining Bitcoin, the firm is winding down its mining operations and diverting cash flow to its AI business.

The company claims to operate 810MW of data center capacity, with 2.1GW under construction, and another 1GW ‘in development.’

Data centers listed on its website include a 2GW project in progress in Sweetwater, Texas; a 750MW data center in Childress, Texas; a 1.6GW project planned for Oklahoma; a 50MW data center in Prince George, British Columbia; 80MW in Mackenzie, British Columbia; and 30MW in Canal Flats, British Columbia.