Iren Limited (NASDAQ:IREN) is one of the best get-rich-quick stocks to buy according to hedge funds. On March 4, Iren announced the purchase of over 50,000 NVIDIA B300 GPUs, a move that will expand its total fleet to 150,000 units. The company aims to deploy these additional GPUs in phases throughout H2 2026 across its existing air-cooled data centers in Mackenzie, British Columbia, and Childress, Texas. This expansion is designed to address the growing demand for time-to-compute in the AI cloud market, allowing the firm to bring capacity online with greater speed and certainty for its customers.

Financially, Iren expects this 150,000 GPU fleet to support an annualized run-rate revenue of over $3.7 billion by the end of 2026. The company has secured $9.3 billion in funding over the last eight months through various channels, including customer prepayments, convertible notes, and GPU leasing. About $3.5 billion in additional capital expenditure is planned for H2 2026 to cover the costs of GPUs, servers, networking, and labor. To enhance working capital efficiency, payment terms for the hardware have been structured on a post-shipment basis.

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To complement its existing funding sources, Iren Limited (NASDAQ:IREN) has also established an at-the-market equity program as part of its broader capital management strategy. Co-CEO Daniel Roberts noted that scaling to this capacity positions the company as one of the largest global providers of AI cloud infrastructure.

Iren Limited (NASDAQ:IREN) operates in the vertically integrated data center business in Australia and Canada. The company owns & operates computing hardware, as well as electrical infrastructure & data centers. It also mines Bitcoin.

While we acknowledge the potential of IREN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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