Australian technology company IREN Limited is taking the next bold step in its transformation from bitcoin miner to a key player in the AI cloud. In September 2025, it announced a massive $674 million investment to purchase graphics processing units (GPUs) from Nvidia and AMD, doubling its computing capacity to approximately 23,000 GPU units. The goal is to reach more than $500 million in annual recurring revenue from its AI cloud services by the end of the first quarter of 2026.
What does AI cloud mean for IREN Limited and why is it so important?
The AI cloud, which has become central to IREN Limited‘s strategy, represents the intersection of cloud computing and artificial intelligence. While traditional cloud computing provides remote access to computing resources, i.e. servers, storage or databases, the AI cloud goes further and allows machine learning and neural network algorithms to run and scale on this infrastructure. In practice, this means that companies don’t need to build their own data centres or buy specialist hardware because they can use AI directly as a service.
The importance of cloud AI is that it accelerates the development of solutions in many industries. Businesses can use it to predict customer behaviour through predictive analytics, recognise and process human speech in technologies known as natural language processing, analyse and interpret image data in computer vision, and ultimately create entirely new digital content through generative artificial intelligence. Examples are tools such as ChatGPT for text generation or DALL-E for image generation.
This is also why the AI cloud is becoming a key platform for companies that want to keep up with technological advances. IREN Limited is building its future on this very area, and thanks to huge investments in GPUs from Nvidia and AMD, it is consolidating its position among the leaders that can offer cutting-edge AI services in the cloud.
Nvidia and AMD as the pillars of IREN Limited’s expansion in AI
IREN Limited announced that it has recently added 7,100 Nvidia B300, 4,200 Nvidia B200 and 1,100 AMD MI350X GPUs to its fleet. These are the latest orders that will be installed in phases at the “Prince George” data centre in British Columbia. This center has the potential to host over 60,000 units of Blackwell GPUs, giving IREN Limited tremendous room for further growth.
However, the company’s total number of GPUs is higher. After factoring in previously purchased units, the fleet has grown to approximately 23,000 GPUs, clearly showing the scale of the investment.
What the individual professional models deliver :
- Nvidia B200 and B300 – the latest Blackwell chips designed specifically for AI computing. They are the successors to the popular H100 and H200 models and are used for large-scale language model development or generative AI.
- AMD MI350X – a new accelerator from AMD that competes with Nvidia in both training and inference, i.e. applying trained AI models to new data. It brings expanded capabilities and often better affordability to customers.
With this move, IREN Limited confirms that it does not want to be dependent on a single vendor while building a technology base that can support a wide range of AI applications.
Transition from bitcoin mining to AI infrastructure
IREN Limited has been known as a major player in Bitcoin mining for many years, with a performance of approximately 50 EH/s, or exahash per second. However, it recognised the rapidly growing potential of AI early on and began to gradually convert its data centres into AI-ready infrastructure. This move allows it to leverage its existing facilities, energy capacity and technological know-how, but also opens the door to entirely new revenue streams outside the cryptocurrency market.
To make the concept clear to a wider readership, mining performance is measured in EH/s. One exahash represents a billion billion billion, or 10^18 hash calculations in a single second. Such performance is necessary to solve the mathematical tasks that keep the bitcoin network running and validate transactions.
While IREN Limited does not want to give up cryptocurrencies altogether, it plans to move its dedicated ASIC devices, chips designed exclusively for Bitcoin mining, to other locations. Major data centres will increasingly focus on running GPU clusters (interconnected groups of GPUs that work together to process data faster), which provide the computing power needed to both train and deploy AI models. In this way, the company maintains stability in the traditional bitcoin business, but also prepares for the exponential growth in demand for AI.
The future of AI: demand is growing faster than hardware
In the words of Daniel Roberts, CEO of IREN Limited, the situation in the artificial intelligence market is clear – customers are increasingly booking computing capacity before it is actually installed. This trend shows that demand for AI computing power is growing faster than vendors such as Nvidia or AMD are able to supply the necessary hardware and before the data centres themselves can keep up with infrastructure expansion.
Such dynamics create an environment of fierce competition among AI service providers. The deciding factor is no longer just price, but mainly the speed with which a company can deliver performance and scale flexibly according to customer requirements. IREN Limited, through massive investments, is looking to position itself as one of the leaders that will be able to meet this hunger for computing power and use it to its advantage.
Conclusion: IREN Limited and a new era of computing power
The story of IREN Limited shows how a player in bitcoin mining is able to transform itself into a provider of infrastructure for artificial intelligence. The investment in more than 23,000 GPUs from Nvidia and AMD is a clear signal that the company is heading among the leaders that will set the pace of technological development.
While the world struggles with a shortage of cutting-edge hardware and growing demand outstrips supply, IREN Limited is building a solid position. The future of AI will belong to those who can deliver enough power at the right time – and IREN Limited has both the courage and the capacity to win this race.