Time-to-compute is an increasingly important factor in today's AI cloud market. Early procurement enables IREN to bring cloud capacity online with greater speed and certainty, ensuring deployment timelines remain on track as customer agreements progress.
IREN expects to deploy the additional GPUs in phases through H2 2026 across its existing air-cooled data centers in Mackenzie, British Columbia and Childress, Texas. The 150,000 GPU fleet is expected to support AI Cloud annualized run-rate revenue of over $3.7bn by the end of 2026.1 Existing data centers at Canal Flats and Childress provide capacity to support additional GPUs over time.
IREN has secured $9.3bn of funding in the past eight months across customer prepayments, convertible notes, GPU leasing and GPU financing. The Company expects to leverage these and other capital sources to finance approximately $3.5bn of additional capex for these orders expected in H2 2026 (including GPUs, servers, storage, networking, labor and ancillary equipment). Payment terms are structured on a post-shipment basis, enhancing working capital efficiency. Hardware procurement will continue to be sequenced in line with commercial milestones and capital availability. IREN remains focused on maintaining a disciplined capital structure as it scales.
Separately, IREN has also established an at-the-market equity program as ...
