IREN announces purchase of 2.4k NVIDIA Blackwell GPUs

IREN (IREN) announced the purchase of 2.4k next-generation NVIDIA (NVDA) Blackwell B200 and B300 GPUs for ~$130M, including fit-out costs.1 The purchase is fully funded from existing cash, however, IREN is also evaluating a range of financing alternatives to support its AI Cloud Services growth. The order will be installed over the coming months at IREN’s Prince George, BC campus, with any displaced mining hardware expected to be redistributed to other sites. Combined with the existing 1.9k Hopper GPUs, this expansion increases IREN’s fleet to approximately 4.3k NVIDIA GPUs. With 50MW of dedicated power, Prince George can ultimately host more than 20,000 Blackwell GPUs, providing a clear runway for phased growth. The Blackwell architecture delivers significant advancements in performance and efficiency, positioning IREN among the first cloud providers to offer next-generation compute in a supply-constrained market. Observed demand from AI-native enterprises, cloud operators and hyperscalers continues to increase as training and inference workloads grow. IREN expects the deployment to deliver attractive risk-adjusted returns on a stand-alone basis while simultaneously supporting active discussions across its AI Data Center business.