IREN Limited (NASDAQ:IREN) shares are trading higher. The company on Monday announced the purchase of thousands of Nvidia Corp (NASDAQ:NVDA) Blackwell B200 GPUs.
What Happened: IREN announced that it has secured an additional 4,200 Blackwell GPUs, doubling its total GPU fleet to approximately 8,500. The company said the purchase price comes out to approximately $193 million. IREN made initial commitments for the purchase with existing cash and said financing conversations are underway.
The new B200 GPUs will be installed at IREN’s Prince George campus, which has a total power capacity of 50MW and supports 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. Utilizing competitively priced, non-dilutive capital further strengthens the value proposition in scaling our AI Cloud business,” said Daniel Roberts, co-founder and co-CEO of IREN.
IREN also announced that it secured $102 million in financing to support a prior purchase of Nvidia Blackwell B200 and B300 GPUs. The financing is structured as a 36-month lease for 100% of the purchase price of the GPUs at a high single-digit interest rate.
IREN is due to report financial results for the fourth quarter of fiscal 2025 after the market close on Thursday. Analysts expect the company to report earnings of 13 cents per share and revenue of $186.21 million, according to Benzinga Pro.
IREN reported revenue of $86 million for July earlier this month, supported by a significant increase in Bitcoin (CRYPTO: BTC) mining activity. The company said it mined 728 Bitcoin last month, up from 620 Bitcoin mined in June.
IREN Price Action: IREN shares were up 6.25% at $22.78 at the time of publication on Monday, according to Benzinga Pro.
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