IREN to expand processing capacity by 50%, prepares at-the-market offering

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email IREN to expand processing capacity by 50%, prepares at-the-market offering The company ordered more than 50,000 Nvidia GPUs and filed for a potential $6 billion at-the-market share sale, sending the stock lower in pre-market trading. By James Van Straten | Edited by Sheldon Reback Mar 5, 2026, 10:03 a.m. Make us preferred on Google An engineer sits at a bank of high-performance computing rigs (Mark Agnor/Shutterstock modified by CoinDesk) What to know : IREN agreed to buy over 50,000 Nvidia B300 GPUs, bringing its total fleet to about 150,000 GPUs, with deployment expected during the second half across its data centers in British Columbia and Texas. The shares fell around 5% in pre-market trading after the company disclosed plans for a potential at-the-market equity offering of up to $6 billion. IREN (IREN), a data center operator focused on AI cloud infrastructure, said it agreed to buy more than 50,000 specialized processing chips from Nvidia (NVDA), expanding its capacity by about 50%. The B300 GPUs, or graphic processing units, will take the Sydney-based company's total AI compute fleet to about 150,000 GPUs. A GPU is a specialized chip for performing large numbers of parallel computations, enabling the training and operation of artificial intelligence models at high speed. The company also filed for a potential at-the-market share sale of up to $6 billion as part of its broader capital management strategy. The shares dropped 5% in pre-market trading on Thursday due to potential dilution. The additional hardware is expected to be deployed in phases through the second half of 2026 across the company’s air-cooled data centers in Mackenzie, British Columbia, and Childress, Texas. Once fully deployed, the expanded fleet is projected to support more than $3.7 billion in annualized AI cloud revenue, positioning IREN among the larger AI cloud infrastructure providers globally. IREN said it has secured about $9.3 billion in funding over the past eight months through customer prepayments, convertible notes, GPU leasing and financing arrangements, with roughly $3.5 billion in additional capital expenditures expected for the new GPU deployments in the second half of 2026. Mining AI Iren Nvidia More For You Pudgy Penguins: Challenging the Pokemon and Disney Legacy in the Global IP Race By CoinDesk Research Feb 27, 2026 Commissioned by Pudgy Penguins CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events. What to know : Disrupting a Stagnant Market : Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product. View Full Report More For You Bitcoin traders, alert: The rally is nearing a two-year 'make or break' price zone By Omkar Godbole 2 hours ago The cryptocurrency traders near key price zone that has marked major turning points over the past two years. What to know : Bitcoin has surged about 10% this week to trade above $72,000, briefly topping $73,900 on ETF-driven inflows. The cryptocurrency is approaching a critical price zone between roughly $73,750 and $74,400 that has repeatedly marked major turning points over the past two years. A decisive break above this zone would signal renewed bullish momentum, while failure to clear it would reinforce the broader downtrend that began in October. Read full story Latest Crypto News Bitcoin traders, alert: The rally is nearing a two-year 'make or break' price zone 2 hours ago Ether, solana, xrp surge 8% as crypto markets rally on easing war fears 3 hours ago Bitcoin trading firm suggests a bullish trade with a key financing twist 3 hours ago Bitcoin tops $72,000 as ETFs pull $155 million, extending two week inflow streak 4 hours ago Sky token jumps 10% after governance vote causes bullish tilt in market dynamics 4 hours ago Eric Trump, World Liberty co-founder, calls banks 'anti-American' over stablecoin fight 10 hours ago Top Stories Crypto campaign PAC Fairshake marks first wins in 2026 U.S. congressional primaries 17 hours ago Bitcoin 'air pocket' above $72,000 could mean quick run to $80,000 19 hours ago How this week's rout in Korean stocks might have triggered crypto's surge higher 12 hours ago Crypto's new run 'has legs' says analyst citing Trump's press on policy, institutional adoption 13 hours ago Institutional investors may be buying the dip as traders pour $1.7 billion into spot bitcoin ETFs 17 hours ago Billions in crypto are moving in Iran. Analysts can't agree if it's war-time panic or business as usual. 17 hours ago