IREN Just Lit A Fuse Under Its Revenue Rocket

IREN (IREN) announced yesterday that it has entered into purchase agreements for over 50,000 Nvidia (NVDA) B300 GPUs. This massive order will expand its total fleet to 150,000 GPUs and drive an AI Cloud annualized run-rate revenue of $3.7 billion by the end of 2026. The company plans to deploy the additional high-efficiency GPUs in phases through the second half of 2026 across its existing air-cooled data centers in Mackenzie, B.C, and Childress, Tex.

With IREN’s annual revenue already growing exponentially for the past few years, this latest announcement positions the stock for a rocket ride higher as it cements its place among the leaders in AI infrastructure.

From Bitcoin Miner to AI Cloud Powerhouse

IREN’s remarkable transition from a traditional Bitcoin miner to a premier AI cloud provider has lit a fuse of explosive growth under the stock. Once focused on cryptocurrency mining, the company has pivoted aggressively to capitalize on surging demand for high-performance computing in artificial intelligence. The results speak for themselves: IREN shares are up 481% over the past year and almost 1600% higher over the past three years, reflecting investor enthusiasm for its high-margin AI pivot.

This growth is backed by impressive revenue acceleration. In 2023, IREN generated $75.5 million in annual revenue. That surged to $187.2 million in 2024 and again to $501 million last year. Now, the company is forecasting a potential sixfold increase this year, fueled by its expanding GPU capacity and long-term contracts with hyperscalers. The shift has transformed IREN from a volatile crypto play into a scalable AI infrastructure powerhouse, with existing sites providing room for further expansion without massive new capex.

Massive NVIDIA Order Builds on Microsoft (MSFT) Partnership

The latest deal supercharges IREN’s already ambitious growth trajectory. By securing over 50,000 NVIDIA B300 GPUs – bringing the fleet to 150,000 units – IREN is locking in the hardware needed to meet exploding AI training and inference demand. This order follows closely on the heels of its landmark pact signed with Microsoft in November. At that time, IREN touted an annual run-rate of $3.4 billion by the end of 2026 based on a targeted 140,000-GPU expansion. The new B300 purchases have now lifted that figure to $3.7 billion, underscoring the accelerating momentum.

The agreements, valued at approximately $3.5 billion with Dell (DELL) for the GPUs and related equipment, ensures rapid rollout and lower operational risk, while the B300’s superior efficiency promises higher utilization rates and stronger margins than prior generations.

Bottom Line

IREN’s seamless transition from Bitcoin mining to AI cloud services has created a near-limitless opportunity amid the global AI boom and relentless hyperscaler demand for cloud capacity. While the stock trades at a premium valuation reflecting this potential, analysts project eye-popping 73% EPS growth over the next five years – indicating a wide-open pathway for the company to grow into its valuation.

With 150,000 GPUs on the horizon and $3.7 billion in targeted run-rate revenue by 2026, IREN isn’t just riding the AI wave – it’s helping power it. Investors who climbed aboard early have already been rewarded handsomely; those watching from the sidelines may soon wish they were on board, too.