IREN Stock Is Rising Thursday: What's Going On?

IREN Limited (NASDAQ:IREN) shares are trading higher. The company on Thursday announced that it expanded its AI cloud through the purchase of thousands of Nvidia Corp (NASDAQ:NVDA) Blackwell GPUs.

What Happened: IREN said that it bought 2,400 Nvidia Blackwell GPUs, consisting of 1,300 B200 GPUs and 1,100 B300 GPUs, for approximately $130 million. The purchase will be fully funded with cash. The company noted that it’s evaluating financing options to support its AI cloud services growth.

The 2,400 Blackwell GPUs are expected to be installed over the coming months at IREN’s Prince George, British Columbia campus. Any displaced hardware will be redistributed to the company’s other sites. The expansion will bring the company’s fleet to approximately 4,300 Nvidia GPUs.

“Expanding our Blackwell footprint not only enables us to meet current customer demand, it also supports the broader infrastructure conversations driving our next phase of growth,” said Daniel Roberts, co-CEO of IREN.

IREN said its Prince George facility has 50MW of dedicated power, which provides a runway for potential expansion up to more than 20,000 GPUs in total.

The company expects the GPU deployment to deliver attractive risk-adjusted returns on a stand-alone basis.

IREN said earlier this week that it reached its mid-year target of 50 EH/s of installed capacity. The company had $184.3 million of cash and cash equivalents as of March 31 and subsequently closed a $550 million upsized convertible notes offering last month.

IREN Price Action: IREN shares were up 8.14% at $16.94 at the time of publication, according to Benzinga Pro.

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