New York, March 5, 2026, 14:01 EST
- IREN rolled out an upsized at-the-market share offering, now capped at $6 billion, and brought on additional sales agents.
- The company inked deals to buy more than 50,000 Nvidia B300 GPUs, raising its target fleet size to 150,000.
- The stock dropped roughly 11% as of the afternoon session.
IREN Limited dropped Thursday, after the data center firm unveiled a shelf registration covering up to $6 billion in potential stock sales. The company also nailed down a major purchase agreement for Nvidia’s newest AI chips.
This pairing isn’t just about access—it pins a number on IREN’s expansion costs. Sourcing high-end chips is tough enough, but footing the bill is its own challenge. Shareholders usually blanch if fresh funding leans too much on issuing new stock.
This comes as investors eye more crypto-tied data center companies pivoting toward AI computing revenue—a move that requires major upfront investment and offers scant tolerance for hold-ups.
IREN bumped up its “at-the-market” share sale program to $6 billion from $1 billion, according to a fresh U.S. securities filing. Under the previous setup, the company had already moved roughly 66.7 million shares for $1.0 billion. The new supplement also tacks on Citizens JMP, Goldman Sachs, and Jefferies as sales agents.
Wednesday brought word from the company that it’s struck deals to buy over 50,000 Nvidia B300 GPUs—key chips for building and running AI models—taking its total to 150,000 units. IREN said it plans to roll out these extra GPUs during the second half of 2026. With the full fleet, IREN projects it could reach more than $3.7 billion in annualized run-rate revenue by year-end 2026, though it emphasized this figure is an illustrative estimate, not a committed amount.
Daniel Roberts, co-founder and co-CEO, said the move “reduces time-to-compute and increases execution certainty” while the company ramps up, citing a tight market for high-end hardware.
IREN has lined up $9.3 billion in funding over the last eight months, tapping sources like customer prepayments, convertible notes, GPU leasing, and GPU financing. The company anticipates raising another $3.5 billion to cover further capital spending related to new orders, with payment terms kicking in after shipment.
Several companies with hefty power demands are now touting themselves as AI infrastructure contenders. Hut 8 is one of them—Reuters said the firm landed a major AI data center lease agreement worth roughly $7 billion late last year.
Sydney’s IREN is expanding its data center footprint in the U.S. and Canada, keeping its bitcoin mining operation going even as it ramps up efforts in the AI cloud space.
Still, there’s a hitch in the numbers. That GPU revenue goal? It’s tied up with hardware delivery timing, how quickly customers sign on, actual usage rates, and what prices hold. IREN’s expanded stock sale capacity could also spell dilution, particularly if the company taps equity while shares are trading low.
IREN plans to align procurement with “commercial milestones and capital availability,” signaling that expansion won’t follow a predetermined schedule but will instead depend on funding and customer demand.
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