IREN Ltd. (IREN) Climbs 12.8% on $3.7-Billion ARR Target From Expansion Plan

IREN Ltd. (NASDAQ:IREN) is one of the 10 Stocks Dominating Today’s Market Action.

IREN Ltd. soared by 12.84 percent on Wednesday to close at $43.84 apiece, as investors gobbled up shares following its expansion initiative that is expected to propel its annualized revenue run rate to $3.7 billion this year.

This followed the recent acquisition of 50,000 NVIDIA B300 GPUs, bringing its total fleet to 150,000.

Photo from IREN website

“Scaling to 150,000 GPUs positions IREN among the largest AI cloud infrastructure providers globally and underscores the strength of our vertically integrated platform. In a supply-constrained environment, early hardware procurement reduces time-to-compute and increases execution certainty as we scale,” IREN Ltd. (NASDAQ:IREN) co-CEO Daniel Roberts said in a statement.

IREN Ltd. (NASDAQ:IREN) said that it is targeting to deploy the additional GPUs in phases through the second half of the year across its existing data centers in Mackenzie, British Columbia, and Childress, Texas.

The expansion program followed its successful raising of $9.3 billion in fresh funds over the past eight months across customer prepayments, convertible notes, GPU leasing, and GPU financing. It expects to leverage such and other capital sources to finance $3.5 billion in capital expenditures to support the orders by the end of the year.

Separately, IREN Ltd. (NASDAQ:IREN) has also tapped an at-the-market equity sale as it aims to raise more funds to complement existing and new funding sources.

Also on the same day, the company rallied alongside its counterparts after Bitcoin prices surged by as much as 8 percent to claw back to the $73,000 territory.

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