IREN Doubles GPU Fleet With $193M Blackwell Purchase to Accelerate AI Pivot
Bitcoin miner IREN has purchased an additional 4,200 NVIDIA Blackwell B200 GPUs, doubling its high-performance computing fleet to 8,500 GPUs, as it accelerates the pivot into AI cloud services.
IREN said in a release on Monday that the new order is valued at about $193 million, including ancillary equipment. The equipment will be installed at its Prince George campus in British Columbia, which has 50 megawatts of dedicated capacity and the potential to scale up to 20,000 Blackwell GPUs. The company said the initial payment was made from existing cash, with financing discussions underway.
At the same time, IREN disclosed it has secured $102 million in lease financing for its previous July purchase of 2,400 Blackwell B200 and B300 GPUs. That financing, structured as a 36-month lease at a high single-digit interest rate, covers the full purchase price and frees up liquidity for additional growth initiatives.
The latest investment builds on IREN’s July order of 1,300 B200 and 1,100 B300 GPUs for about $130 million, which was initially funded with cash reserves. With the new purchase, IREN’s GPU fleet will consist of 800 H100s, 1,100 H200s, 5,400 B200s, and 1,200 B300s.
The shift marks IREN’s continued diversification from its core bitcoin mining business. The company continues to maintain roughly 50 EH/s of mining capacity across its fleet, but is increasingly allocating power and data center capacity to high-performance computing and cloud customers.
The financing deal comes shortly after IREN settled a long-running legal battle with NYDIG. The dispute stemmed from a $105 million equipment loan in 2021 tied to 35,000 Antminer S19 machines, which IREN’s Canadian subsidiaries later defaulted on during the bear market.
