TLDR
- Iren expanded its share offering program from $1 billion to $6 billion under its At Market Issuance Sales Agreement.
- The company agreed to buy over 50,000 Nvidia B300 GPUs, bringing its total fleet to 150,000 units.
- The expanded GPU fleet is expected to support AI Cloud annualized run-rate revenue of over $3.7 billion by end of 2026.
- H.C. Wainwright kept its Buy rating and $80 price target on IREN, citing GPU demand and data center progress.
- Iren has raised $9.3 billion in funding over the past eight months across multiple capital sources.
Iren Limited has made two big moves in quick succession — a massive GPU buy and a sharply expanded share offering — as it pushes hard to scale its AI Cloud business through 2026.
The company signed purchase agreements for more than 50,000 Nvidia B300 GPUs. That brings its total fleet to 150,000 units. The new GPUs will be deployed in phases through the second half of 2026 at its air-cooled data centers in Mackenzie, British Columbia and Childress, Texas.
Iren says the 150,000-unit fleet could support AI Cloud annualized run-rate revenue of more than $3.7 billion by the end of 2026. That figure is based on internal estimates.
The hardware bill is steep. Iren expects approximately $3.5 billion in additional capital expenditure tied to these orders in the second half of 2026. To fund it, the company is leaning on a mix of customer prepayments, convertible notes, GPU leasing, and GPU financing.
In total, Iren has secured $9.3 billion in funding over the past eight months. That’s a lot of capital moving fast.
Share Offering Jumps to $6 Billion
To support this buildout, Iren filed a new prospectus supplement that replaces its previous $1 billion At Market Issuance Sales Agreement. The new cap is $6 billion. The company has already sold over 66.7 million ordinary shares under the prior program, raising $1 billion.
Sales agents on the new program include JP Morgan, Goldman Sachs, Citigroup, Cantor Fitzgerald, Jefferies, and several others. Shares will be sold on the Nasdaq Stock Market.
H.C. Wainwright kept its Buy rating on IREN and held its $80 price target following the GPU announcement. The stock was trading at $43.84 at the time of the note.
Analyst Views Mixed
Analyst price targets on IREN range from $39 to $125 — a wide spread that reflects real disagreement about how the AI infrastructure buildout will play out.
H.C. Wainwright flagged that near-term dilution risk has increased. Iren bought $3.5 billion worth of hardware before locking in contracts on that incremental compute. The firm says the company will need to prove it can secure attractive financing terms on uncontracted hardware.
The stock trades at a P/E of 31.35 with a PEG ratio of 0.11. InvestingPro flags the stock as overvalued relative to its Fair Value estimate.
Compass Point has a $105 price target on the stock. Cantor Fitzgerald cut its target to $82 from $136, maintaining an Overweight rating. That cut followed Q2 2026 results showing lower revenue and adjusted EBITDA, driven by weaker Bitcoin prices and a shift in capacity from Bitcoin mining to AI compute.
Data center development at both the Childress and Mackenzie sites is said to be progressing on schedule. Existing facilities at Canal Flats and Childress can also support additional GPU deployment over time.
IREN stock was down 6.73% on the day of the share offering announcement.
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