Australian-based bitcoin miner IREN (IREN), which has recently pivoted to AI cloud services, announced on Monday that it has doubled its Nvidia Blackwell GPUs.
The company said that it had procured an additional 4.2K NVIDIA Blackwell B200 GPUs for approximately $193 million, which doubles its total GPU fleet to about 8.5K NVIDIA GPUs.
IREN also said that it has secured $102 million in financing for a prior purchase of NVIDIA Blackwell B200 and B300 GPUs.
The financing is structured as a 36-month lease covering 100% of the purchase price, with payments calculated using a high single-digit interest rate.
The latest financing will release funding to support IREN’s further growth initiatives, including the procurement of additional NVIDIA Blackwell GPUs.
IREN stock gained 7.9% on the news, closing at a 52-week high of $23. It's up 163.3% over the past six months.
The newly acquired B200 GPUs will be installed at IREN’s Prince George campus, which has a total mining capacity of roughly 50MW of total power capacity.
The company noted this campus in British Columbia, Canada can support phased growth to approximately 20,000 Blackwell GPUs.
“Our expanded Blackwell capacity positions IREN to capture strong demand and drive the next phase of our AI Cloud revenue growth,” Iren Co-founder and Co-CEO Daniel Roberts said in a statement.
“Utilizing competitively priced, non-dilutive capital further strengthens the value proposition in scaling our AI Cloud business."
IREN announced in March that it was pausing all further bitcoin mining expansion in order to focus on building out its AI data center and AI cloud service business.
“As we near completion of our 50 EH/s mining expansion, our focus is shifting to the next phase of growth and delivering scalable infrastructure for AI and HPC through our AI Cloud Services and AI Data Center businesses,” Roberts said at the time.
The company added in its release that it had seen “increased engagement around large-scale AI cloud infrastructure opportunities, particularly for multi-thousand air-cooled Blackwell B200 GPU clusters hosted at IREN’s Prince George data center following the release of DeepSeek.”
IREN noted that it expects to generate $528 million in net cashflow from its bitcoin mining operations by the end of the year. It reported record monthly revenue from its bitcoin mining operations in June of $65.5 million, an increase from $64.7 million in May.
A number of bitcoin mining firms have begun to pivot toward supporting AI cloud and HPC services as the financials on BTC mining have worsened, making it more difficult to turn a profit on it.
IREN’s AI cloud services generate about $26 million in annual revenue for the company.
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