IREN Just Lit a Fuse Under Its Revenue Rocket[Stocks](https://moneymorning.com/category/article/stocks/) # IREN Just Lit a Fuse Under Its Revenue Rocket  by Rich Duprey  March 5, 2026  Share it: **IREN** ( [IREN](https://moneymorning.com/stocks/iren/)) announced yesterday that it has entered into purchase agreements for over 50,000 **Nvidia** ( [NVDA](https://moneymorning.com/stocks/nvda/)) B300 GPUs. This massive order will expand its total fleet to 150,000 GPUs and drive an AI Cloud annualized run-rate revenue of $3.7 billion by the end of 2026. The company plans to deploy the additional high-efficiency GPUs in phases through the second half of 2026 across its existing air-cooled data centers in Mackenzie, B.C, and Childress, Tex. With IREN’s annual revenue already growing exponentially for the past few years, this latest announcement positions the stock for a rocket ride higher as it cements its place among the leaders in AI infrastructure. ## From Bitcoin Miner to AI Cloud Powerhouse IREN’s remarkable transition from a traditional Bitcoin miner to a premier AI cloud provider has lit a fuse of explosive growth under the stock. Once focused on cryptocurrency mining, the company has pivoted aggressively to capitalize on surging demand for high-performance computing in artificial intelligence. The results speak for themselves: IREN shares are up 481% over the past year and almost 1600% higher over the past three years, reflecting investor enthusiasm for its high-margin AI pivot. This growth is backed by impressive revenue acceleration. In 2023, IREN generated $75.5 million in annual revenue. That surged to $187.2 million in 2024 and again to $501 million last year. Now, the company is forecasting a potential sixfold increase this year, fueled by its expanding GPU capacity and [long-term contracts with hyperscalers](https://moneymorning.com/2026/01/28/iren-soars-15-on-amazon-deal-rumor-could-it-happen/). The shift has transformed IREN from a volatile crypto play into a scalable AI infrastructure powerhouse, with existing sites providing room for further expansion without massive new capex. ## Massive NVIDIA Order Builds on Microsoft Partnership The latest deal supercharges IREN’s already ambitious growth trajectory. By securing over 50,000 NVIDIA B300 GPUs – bringing the fleet to 150,000 units – IREN is locking in the hardware needed to meet exploding AI training and inference demand. This order follows closely on the heels of its [landmark pact](https://moneymorning.com/2026/01/20/wall-streets-love-for-iren-heats-up-heres-why-it-is-a-buy-now/) signed with **Microsoft** ( [MSFT](https://moneymorning.com/stocks/msft/)) in November. At that time, IREN touted an annual run-rate of $3.4 billion by the end of 2026 based on a targeted 140,000-GPU expansion. The new B300 purchases have now lifted that figure to $3.7 billion, underscoring the accelerating momentum. The agreements, valued at approximately $3.5 billion with **Dell** ( [DELL](https://moneymorning.com/stocks/dell/)) for the GPUs and related equipment, ensures rapid rollout and lower operational risk, while the B300’s superior efficiency promises higher utilization rates and stronger margins than prior generations. ## Bottom Line IREN’s seamless transition from Bitcoin mining to AI cloud services has created a near-limitless opportunity amid the global AI boom and relentless hyperscaler demand for cloud capacity. While the stock trades at a premium valuation reflecting this potential, analysts project eye-popping 73% EPS growth over the next five years – indicating a wide-open pathway for the company to grow into its valuation. With 150,000 GPUs on the horizon and $3.7 billion in targeted run-rate revenue by 2026, IREN isn’t just riding the AI wave – it’s helping power it. Investors who climbed aboard early have already been rewarded handsomely; those watching from the sidelines may soon wish they were on board, too. ###### More Trending Stories from Money Morning - [AST SpaceMobile Is Taking on Starlink in Direct-to-Cell Communications](https://moneymorning.com/2026/03/05/ast-spacemobile-is-taking-on-starlink-in-direct-to-cell-communications/) - [IREN Just Lit a Fuse Under Its Revenue Rocket](https://moneymorning.com/2026/03/05/iren-just-lit-a-fuse-under-its-revenue-rocket/) - [Nebius Group Is On a Roll But How Much Higher Can It Go?](https://moneymorning.com/2026/03/05/nebius-group-is-on-a-roll-but-how-much-higher-can-it-go/) - [Micron: The Overlooked Powerhouse in AI Memory](https://moneymorning.com/2026/03/03/micron-the-overlooked-powerhouse-in-ai-memory/) - [Drone Maker AeroVironment Should Be Soaring, Instead It Just Crashed](https://moneymorning.com/2026/03/03/drone-maker-aerovironment-should-be-soaring-instead-it-just-crashed/) Share it: ### Popular Articles ###### [AST SpaceMobile Is Taking on Starlink in Direct-to-Cell Communications](https://moneymorning.com/2026/03/05/ast-spacemobile-is-taking-on-starlink-in-direct-to-cell-communications/) March 5, 2026 ###### [Nebius Group Is On a Roll But How Much Higher Can It Go?](https://moneymorning.com/2026/03/05/nebius-group-is-on-a-roll-but-how-much-higher-can-it-go/) March 5, 2026 ###### [Micron: The Overlooked Powerhouse in AI Memory](https://moneymorning.com/2026/03/03/micron-the-overlooked-powerhouse-in-ai-memory/) March 3, 2026 ###### [Drone Maker AeroVironment Should Be Soaring, Instead It Just Crashed](https://moneymorning.com/2026/03/03/drone-maker-aerovironment-should-be-soaring-instead-it-just-crashed/) March 3, 2026 Notifications reCAPTCHA Recaptcha requires verification. 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