Nvidia Grants Preferred Partner Status to IREN, Securing $168M in GPU Procurement

IREN has secured Nvidia preferred partner status and procured $168M worth of GPUs, expanding its fleet to 10.9k Nvidia GPUs. The GPUs will be installed at its Prince George campus, where a 10MW liquid-cooled installation is underway. IREN has secured $96M in financing for the liquid-cooled GPUs through a 24-month lease.

IREN Limited (NASDAQ: IREN) has made significant strides in its AI cloud infrastructure by securing NVIDIA Preferred Partner status and procuring an additional 2,400 GPUs worth approximately $168 million. This acquisition expands IREN's total GPU fleet to 10,900 NVIDIA GPUs [1].

The GPUs, consisting of 1,200 air-cooled NVIDIA B300s and 1,200 liquid-cooled NVIDIA GB300s, will be installed at IREN's Prince George campus, where a 10MW liquid-cooled installation is currently under construction. This new facility is designed to support over 4,500 GB300s [2].

To finance the liquid-cooled GPUs, IREN has secured $96 million through a 24-month lease structure, representing 100% of the purchase price. This non-dilutive financing approach preserves equity while rapidly scaling infrastructure. The B300 GPUs are being funded from existing cash reserves, demonstrating financial flexibility [2].

The diversification of IREN's GPU fleet is strategically sound. By maintaining a mix of H100s, H200s, B200s, B300s, and now GB300s, IREN is building a heterogeneous AI computing environment capable of accommodating varying workload requirements while remaining at the forefront of performance capabilities. The GB300 systems, in particular, represent NVIDIA's latest architecture, delivering substantial performance improvements for AI training and inference workloads [2].

IREN's expansion is also supported by its nearly 3GW of grid-connected power capacity, suggesting the company has secured the necessary power infrastructure to support massive future expansion, potentially to "hundreds of thousands of GPUs" [1].

References:

[1] https://www.investing.com/news/earnings/iren-shares-rise-as-company-beats-revenue-estimates-secures-nvidia-partner-status-93CH-4215496
[2] https://www.stocktitan.net/news/IREN/iren-expands-ai-cloud-to-10-9k-gp-us-with-nvidia-preferred-partner-mk7te8d50r20.html