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IREN (IREN) has expanded its initial public offering plan to $6 billion. Due to concerns over equity dilution, its stock price dropped by 8.5%. The company has purchased over 50,000 NVIDIA B300 GPUs, aiming to build a cluster of 150,000 GPUs. IREN plans to use the raised funds for data center expansion and hardware upgrades. The company expects that by the end of 2026, this AI infrastructure will generate over $3.7 billion in annual revenue.