Iren Acquires Over 50,000 Nvidia GPUs, Expanding Fleet to 150,000
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 04 2026
0mins
Should l Buy IREN?
Iren (IREN) announced it has entered into purchase agreements for over 50,000 Nvidia (NVDA) B300 GPUs that will expand its total fleet to 150,000 GPUs. Iren expects to deploy the additional GPUs in phases through the second half of 2026 across its existing air-cooled data centers in Mackenzie, British Columbia and Childress, Texas. The 150,000 GPU fleet is expected to support AI Cloud annualized run-rate revenue of over $3.7B by the end of 2026. Existing data centers at Canal Flats and Childress provide capacity to support additional GPUs over time. Iren has secured $9.3B of funding in the past eight months across customer prepayments, convertible notes, GPU leasing and GPU financing. The company expects to leverage these and other capital sources to finance approximately $3.5B of additional capex for these orders expected in the second half of 2026.
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Analyst Views on IREN
Wall Street analysts forecast IREN stock price to rise
12 Analyst Rating
8 Buy
2 Hold
2 Sell
Moderate Buy
Current: 52.020
Low
39.00
Averages
80.40
High
136.00
Current: 52.020
Low
39.00
Averages
80.40
High
136.00
About IREN
IREN Limited is an Australia-based company, which owns and operates data centers powered by 100% renewable energy. Its facilities are optimized for Bitcoin mining, artificial intelligence (AI) cloud services, and other power-dense compute. Its data center mining facilities are in Canal Flats, Mackenzie, Prince George and Childress. Bitcoin Mining provides security to the Bitcoin network. Al Cloud Services provides cloud compute to Al customers, approximately 1,896 NVIDIA H100 and H200 GPUs. Its Canal Flats facility is in the Canadian Rockies, 100 kilometers (km) from Cranbrook regional airport and 500km east of Vancouver. Its facility is in Prince George, the city in northern British Columbia, located 500 km north of Vancouver. Its facility is located in Childress County, Texas, over 250 miles northwest of Dallas and in close proximity to multiple wind and solar generating facilities in the region. Its Childress operations comprise 200 Mega Watt of operating data centers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Moat Analysis: Iren's business model possesses a certain moat, and despite short-term pressures, its core competencies and market positioning provide a competitive advantage in the industry, potentially attracting long-term investors.
- Earnings Report Outlook: The upcoming earnings report is viewed as a pivotal moment, with the market generally expecting it to showcase strong performance; if results exceed expectations, it could significantly boost investor confidence.
- Market Reaction Expectations: Although the current stock performance is poor, analysts believe that Iren's fundamentals remain solid, and if positive signals are conveyed in the earnings report, the stock price may rebound, attracting more investor attention.
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- Volume Spike: Trading volume reached 57.2 million shares, about 56% above the three-month average of 36.7 million shares, suggesting a notable increase in investor interest and potentially signaling sustained growth ahead.
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- Stock Price Decline: Iren's stock has sharply declined, and the CEO's blunt comments may have revealed the risks and challenges the company faces; however, the long-term outlook remains compelling, indicating market interest in its future development.
- Moat Analysis: Iren's business model possesses a certain moat, and despite short-term pressures, its core competencies and market positioning provide a competitive advantage in the industry, potentially attracting long-term investors.
- Earnings Report Outlook: The upcoming earnings report is viewed as a pivotal moment, with the market generally expecting it to showcase strong performance; if results exceed expectations, it could significantly boost investor confidence.
- Market Reaction Expectations: Although the current stock performance is poor, analysts believe that Iren's fundamentals remain solid, and if positive signals are conveyed in the earnings report, the stock price may rebound, attracting more investor attention.
See More
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- Stock Surge: Iren (IREN) closed at $52.02 on Thursday, up 7.5%, reflecting positive market sentiment regarding its pivot to data centers, indicating significant growth potential in Bitcoin mining and AI data center operations.
- Volume Spike: Trading volume reached 57.2 million shares, about 56% above the three-month average of 36.7 million shares, suggesting a notable increase in investor interest and potentially signaling sustained growth ahead.
- Strong Market Performance: Since its IPO in 2021, Iren's stock has risen 86%, and it has soared over 750% in the past year, demonstrating robust performance amid rising demand for AI computing, particularly following a deal with Microsoft.
- Future Outlook: Iren is set to report Q3 earnings on May 7, with investors keenly watching for details on a potential $6 billion share issuance; while concerns about share dilution exist, this funding could further solidify its transition from Bitcoin to AI infrastructure.
See More
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- Strong Stock Performance: Iren's stock closed at $52.02 on Thursday, up 7.5%, reflecting positive market sentiment regarding its data center pivot, which enhances investor confidence in its growth potential.
- Significant Trading Volume: The trading volume reached 57.2 million shares, about 56% above the three-month average of 36.7 million shares, indicating a notable increase in investor interest and potentially signaling sustained growth ahead.
- Industry Transition Trend: As one of several Bitcoin mining companies, Iren is transitioning to provide energy for artificial intelligence and data centers, with its stock soaring over 750% in the past year, driven by strong demand for AI computing capacity.
- Future Earnings Expectations: Iren is set to report Q3 earnings on May 7, with investors keenly watching for details on a potential $6 billion share issuance, which, while raising concerns about share dilution, would further solidify its transition to AI infrastructure.
See More
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- Stock Recommendation: Jim Cramer highlighted that Levi Strauss stock is performing well in the $23-$24 range, praising CEO Michelle Gass's effective management, which suggests a bullish outlook for future growth and reflects market confidence.
- Market Performance: The year-to-date performance of Levi Strauss has garnered attention, and Cramer's endorsement may attract more investors to the brand, potentially driving the stock price higher and enhancing its competitive position.
- Investment Strategy: Cramer's positive outlook on Levi Strauss indicates his belief in the brand's long-term investment potential, which could influence other investors' decisions and increase trading activity in the stock.
- Industry Outlook: Levi Strauss's performance in the apparel industry, particularly in the current economic climate, demonstrates its brand resilience and adaptability, which may attract further attention and bolster its market standing.
See More
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- Community Backlash Intensifies: The construction of AI data centers has led to violent incidents in Indianapolis, where residents voted out council members over a $6 billion project, highlighting significant public opposition that could hinder future approvals.
- Investor Vigilance Required: According to Data Center Watch, $64 billion in AI data center projects have already been delayed or canceled due to local opposition, prompting investors to monitor these developments closely, especially as tech firms face rising infrastructure costs amid high capital expenditures.
- Edge Data Centers Benefit: With protests primarily targeting large AI data centers, companies like Iren and One Stop Solutions are positioned to benefit from reduced competition, allowing them to charge higher prices for their services, thereby increasing revenue and market share.
- Big Tech Companies Hurt: Giants like Meta, Amazon, and Microsoft face increased cost pressures due to their substantial investments in AI data centers, which may delay revenue recognition and impact their long-term financial performance, necessitating investor attention to changes in capital expenditures.
See More
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- Massive Market Potential: Iren's stock skyrocketed 775% over the past year, reflecting strong demand in the AI computing sector, and despite being 36.5% below all-time highs, it has the potential for a 10x return in the future.
- New Land Acquisition: Iren secured 1.6 gigawatts of grid-connected land in Oklahoma, complementing its 160 megawatts of data centers in Canada and 2.75 gigawatts in Texas, bringing its total capacity to 4.5 gigawatts and enhancing its competitive edge.
- Optimistic Revenue Forecast: The partnership with Microsoft is projected to generate $1.94 billion in annualized revenue with an 85% project-level EBITDA margin, laying a solid foundation for Iren's future growth.
- Significant Financing Challenges: Although Iren's potential earnings could reach $43.65 billion, the substantial capital required for building data centers poses a significant funding challenge, likely necessitating external financing that could dilute shareholder value.
See More
