Overview
- IREN shares traded in the mid-$30s with a modest 1% to 2% gain as investors weighed growth hopes against funding worries.
- The company is accelerating its buildout with an order for more than 50,000 Nvidia B300 chips and a target of about 150,000 GPUs.
- IREN completed a $3.5 billion hardware purchase before securing compute contracts, a bet on tight supply and future demand.
- Reported funding now tops $9 billion with about $2.8 billion in cash, and roughly $0.4 billion in annual recurring revenue is already contracted at one site.
- A plan to raise up to $6 billion through at-the-market share sales could dilute holders, and recent results show lower revenue and a net loss during the transition from bitcoin mining.