Overview
- IREN has bought about 12,400 Nvidia Blackwell and Hopper GPUs, bringing its planned fleet to roughly 23,000 units as it repurposes sites for AI compute.
- Multi‑year customer contracts now cover around 11,000 GPUs, representing about $225 million in annualized revenue, and the company is guiding to roughly $500 million ARR by early 2026.
- The company launched an $875 million convertible senior notes offering this week; shares briefly fell before setting new 52‑week highs, topping $70 on Friday.
- Bernstein highlights miners’ control of more than 14 GW of pre‑secured power and names IREN its top pick with a $75 price target, citing faster deployment from retrofitted facilities.
- Analysts cite roughly 3 GW of active and planned power capacity for IREN in North America, including projects in British Columbia and a large complex in Sweetwater, Texas.