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IREN Limited Doubles AI Cloud Capacity, Shares Surge 9%

9/23/2025

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Summary

Story summary

IREN Limited doubles AI cloud capacity to 23,000 GPUs after a $674 million investment for 12,400 units.
It targets over $500 million in annualized run-rate revenue by Q1 2026; GPU deliveries occur at Prince George, BC.
IREN is shifting from bitcoin mining to AI while keeping 50 EH/s and facing Strategy and CleanSpark; shares rose 9% pre-market, up 314.5% YTD.

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Story summary

IREN Limited doubles AI cloud capacity to 23,000 GPUs after a $674 million investment for 12,400 units.
It targets over $500 million in annualized run-rate revenue by Q1 2026; GPU deliveries occur at Prince George, BC.
IREN is shifting from bitcoin mining to AI while keeping 50 EH/s and facing Strategy and CleanSpark; shares rose 9% pre-market, up 314.5% YTD.