08:15 AM EDT, 10/16/2024 (MT Newswires) -- Iris Energy ( IREN ) said Wednesday its AI cloud services division expects to make about $32 million in annualized hardware profit by the end of 2024 as its current fleet of 816 NVIDIA H100 GPUs nears full utilization, and pending contracts are likely to cover the remaining capacity.

The company said the AI cloud services division will contribute approximately 10% to its overall earnings.

Iris Energy ( IREN ) said it plans to add 1,080 NVIDIA H200 GPUs in Q4, doubling its AI capacity. The company also said it is preparing to integrate liquid-cooled hardware, including NVIDIA Blackwell GB200 GPUs, into its existing data centers.

Regarding a 1.4GW data center project in West Texas, Iris said it had moved the target energization date for its substation to April 2026, ahead of the original Oct. 2026 deadline.

The company added it has secured 800 acres of land, increasing its total holdings to over 1,300 acres.

Shares of the company were up nearly 6% in recent premarket trading.

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