IREN Limited Expands AI Cloud Capacity with Major GPU Purchase Agreements

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and Dell Marketing L.P. for the acquisition of over 50,000 GPUs, expanding its AI cloud capacity to 150,000 GPUs. The GPUs are scheduled to be delivered in phases during the second half of 2026, with an aggregate purchase price of approximately $3.5 billion. IREN plans to finance this expansion through a combination of customer prepayments, convertible notes, GPU leasing, and other capital sources. This expansion is expected to support an annualized run-rate revenue of over $3.7 billion by the end of 2026.

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About Iren Ltd.

Iren Ltd. is an energy company primarily engaged in the generation, distribution, and sale of electricity, heat, and gas throughout Italy. The company plays a crucial role in providing essential energy services to residential, commercial, and industrial sectors. It is a key player in the Italian energy market with a diverse portfolio that includes renewable energy sources, thus contributing to the country’s energy transition and sustainability goals. Iren Ltd. also actively participates in the development and management of integrated water services and environmental services, offering solutions for waste collection, treatment, and disposal. With its strategic focus on innovation and energy efficiency, the company is dedicated to enhancing its infrastructure and service quality. Iren Ltd.'s initiatives in smart city solutions and district heating projects further underscore its commitment to technological advancement and environmental sustainability. As an integral part of the Italian utility sector, Iren Ltd. works to balance energy demand with ecological responsibility, supporting the modernization of urban areas and contributing to the overall stability and development of the regional energy landscape.