AI cloud provider IREN (NASDAQ: IREN) has signed purchase agreements for more than 50,000 Nvidia B300 GPUs, taking its total fleet to 150,000 units.

The company said the additional chips would be deployed in phases through the second half of 2026 at its existing air-cooled data centres in Mackenzie, British Columbia, and Childress, Texas.

IREN said the expanded fleet would support annualised run-rate revenue of more than $3.7 billion from its AI cloud business by the end of 2026. The company added that its existing sites at Canal Flats and Childress could accommodate further GPU deployments over time.

The firm has secured US$9.3 billion in funding over the past eight months through customer prepayments, convertible notes, GPU leasing, and GPU financing.

The company expects to use those sources, along with other capital, to fund about US$3.5 billion in additional capex tied to the new orders in the second half of 2026, including spending on GPUs, servers, storage, networking, labour, and related equipment.

IREN said payment terms are structured on a post-shipment basis, which should support working capital. 

Hardware purchases would continue to be phased in line with commercial milestones and available funding, as the company looks to keep a disciplined capital structure while expanding.

Separately, IREN said it had set up an at-the-market equity programme as part of its wider capital management strategy. 

The programme is intended to sit alongside existing and future funding sources. 

“Scaling to 150,000 GPUs positions IREN among the largest AI cloud infrastructure providers globally and underscores the strength of our vertically integrated platform,” said IREN co-founder and CEO Daniel Roberts.

“In a supply-constrained environment, early hardware procurement reduces time-to-compute and increases execution certainty as we scale.”

IREN is an AI cloud provider that develops and operates large-scale data centres and GPU clusters for training and inference workloads. 

Its platform is built on a portfolio of grid-connected land and power assets in renewable-heavy parts of the US and Canada.