IREN has announced a $130 million investment to acquire 2,400 units of NVIDIA’s next-generation Blackwell B200 and B300 GPUs, marking a significant move to scale its AI cloud capabilities. The company confirmed the purchase will be funded entirely through existing cash reserves, as it evaluates various long-term financing options to support broader expansion of its AI Cloud Services.
With a focus on high-density computing services, IREN Limited (previously Iris Energy) is an Australian company that operates next-generation data centers that are fully powered by renewable energy. With four large facilities – three in British Columbia (Canal Flats, Mackenzie, and Prince George) and one in Childress, Texas- the firm integrates bitcoin mining, AI cloud infrastructure, and GPU-accelerated workloads.
The deployment, comprising 1,300 B200 and 1,100 B300 GPUs, will roll out over the coming months at IREN’s Prince George campus in British Columbia. The facility, already a cornerstone of IREN’s AI operations, currently hosts 1,900 Hopper GPUs. With this latest acquisition, IREN’s fleet will grow to approximately 4,300 NVIDIA GPUs. To make room, certain mining equipment is expected to be relocated to alternate sites.
Constrained Supply Market
Prince George is positioned as a future powerhouse for AI infrastructure, with 50 megawatts of dedicated power capacity capable of supporting more than 20,000 Blackwell GPUs. This would provide IREN with a clear roadmap for continued scaling in a constrained supply market. The introduction of Blackwell architecture, which delivers substantial performance and efficiency gains, would position IREN (NASDAQ: IREN) as one of the first cloud providers to offer such next-generation compute power.
As demand for accelerated computing grows among cloud operators, hyperscalers, and AI-native firms, IREN’s move reflects a broader industry trend toward infrastructure modernization. The company expects the deployment to strengthen ongoing partnerships within its AI data center business and deliver solid risk-adjusted returns independently.
With 2,910 megawatts of grid-connected power and a vertically integrated model, IREN offers a range of infrastructure solutions – from powered shells to fully managed AI cloud services. Co-CEO Daniel Roberts described the investment as both a strategic and economic milestone, supporting IREN’s current customer needs and long-term growth trajectory.
