IREN Orders 50,000 Nvidia B300 GPUs and Plans $6 Billion Share Offering

IREN, best known as a bitcoin miner, has been expanding into AI cloud computing by deploying its data-center infrastructure and access to power for high-performance workloads. The shift is increasingly central to its investment case as technology companies race to secure computing capacity, giving IREN an opportunity to turn energy resources into longer-term contracts and more predictable revenue.

IREN raised its annual AI cloud revenue target to more than $4 billion after signing $2.8 billion of new contracts with AI developers including Microsoft and Nvidia. The announcement sent the company’s shares up about 16% in a single session. IREN also plans to sharply expand its AI cloud computing capacity in 2026 as it moves to meet strong customer demand.

IREN was previously focused primarily on bitcoin mining but has pivoted in recent years to building GPU cloud infrastructure for AI training and inference, using its existing power, land and data-center assets. Expanding AI computing capacity requires substantial upfront capital. The scale of this financing underscores capital-market support for the miner’s transformation and will affect how quickly it can expand its data centers and computing clusters.

IREN Limited initially planned a $2 billion note offering on May 11, 2026, increased it to $2.6 billion on May 12 and completed a $3 billion private placement of convertible senior notes due 2033 on May 14. The notes carry a 1% coupon and include a $400 million option to purchase additional notes. Net proceeds were approximately $2.96 billion, of which $201.3 million was used for capped-call transactions, with the remainder earmarked for corporate purposes and working capital.