IREN Limited, the company formerly known as Iris Energy, is watching demand for its GPU cloud services outstrip supply. Contracts are now pricing above $15 million per megawatt, with hyperscalers and enterprises lining up to secure capacity they can’t easily find elsewhere.
From mining rigs to AI gold
The company has set a target of 150,000 GPUs by late 2026, a fleet that would include NVIDIA’s Blackwell B200 and B300 series chips alongside earlier A100 units and AMD MI350Xs. Part of that expansion includes plans for over 50,000 additional NVIDIA B300 GPUs.
IREN doubled its deployed capacity to 23,000 GPUs in September 2025. The jump from 23,000 to 150,000 in roughly a year would represent a more than six-fold increase.
The numbers behind the pivot
