Iris Energy

IREN

Market cap $16.8B

Not for the first time this month, cryptocurrency miner and data center operator Iren (IREN 8.54%) stock smashed the S&P 500 index on a trading day. Tuesday saw the market push up the company's shares by more than 10%, giving them a very convincing victory over the index's 0.3% increase.

NEW YORK, Oct. 14, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced the closing of its offering of $1.0 billion aggregate principal amount of 0.00% convertible senior notes due 2031 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

As the artificial intelligence (AI) boom continues to reshape industries, there has also been some attention on the companies that form the foundational infrastructure for powering AI, apart from the immediate buzz of AI chipmakers.

IREN's stock surged to $60 as it transformed from a Bitcoin miner to a vertically integrated AI infrastructure utility. Fiscal 2025 revenue grew 168% to $501 million, with adjusted EBITDA up nearly 400% to $270 million and margins at 54%. The company expanded its AI Cloud fleet from 1,900 to 23,000 GPUs, targeting over $500 million in annualized AI Cloud revenue by 2026.

IREN Ltd (NASDAQ:IREN) stock has surged more than 50% since late September when the company announced a game-changing purchase of GPUs that catapulted it into the spotlight of the AI cloud computing boom.

As the market continues its record-breaking surge, several leading themes, including data storage, artificial intelligence, quantum computing, and defense, have propelled select stocks to remarkable highs. Yet, in the midst of this euphoric run, some names have become extremely overbought, flashing potential warning signs for near-term investors.

I see IREN Limited as a speculative buy, driven by its pivot from crypto mining to AI data center compute, with a 10x ARR growth in this segment. IREN's AI Cloud business targets $500M ARR by Q1 FY26, with significant GPU investments and strong contracted power capacity. At the end of 2024, ARR was only $32M. Near term, I believe risk is elevated: shares are overbought since early September, valuation is rich at ~154x P/E, and Q1 FY26 could spark profit-taking from short-term traders.

IREN Ltd (NASDAQ:IREN) shares surged to a new 52-week high on Thursday. The rally underscores soaring investor confidence in the company's pivot from Bitcoin mining to the booming artificial intelligence sector.

In a market where nearly every discussion about artificial intelligence (AI) circles back to the "Magnificent Seven" tech giants, a quieter contender is slowly beginning to steal the spotlight: Iren (IREN -2.58%), an Australian company once known primarily for Bitcoin mining.

NEW YORK, Oct. 09, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced the pricing of its offering of $875 million aggregate principal amount of 0.00% convertible senior notes due 2031 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).