IREN Ltd (NASDAQ: IREN) has been one of the most explosive growth names of 2025. Shares have surged more than 300% in six months as the company pivots from a renewable-powered Bitcoin miner into a major player in AI cloud infrastructure.
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Here’s what’s behind one of the AI space’s hottest stories!
Big GPU Orders and Nvidia Partnership
On August 29, IREN announced its second major GPU order of the year: 1,200 air-cooled Nvidia B300s and 1,200 liquid-cooled GB300s. The $168 million purchase is tied to its expanding Prince George, Canada campus, where a 10MW liquid-cooled facility is under construction.
This order pushes IREN’s GPU fleet to nearly 10,900 units, including H100s, H200s, B200s, B300s, and GB300s. The buildout is part of its pivot into high-margin AI computation. Importantly, IREN also secured a spot in Nvidia’s Preferred Partner program — a designation that ensures GPU access in a constrained market and adds credibility with institutional customers.
Bitcoin Revenue Still a Driver
Even as IREN builds its AI business, Bitcoin remains a core source of revenue. On September 8, the company reported $76.7 million in Bitcoin mining revenue for August. With a 50 EH/s fleet and 810 MW of data center capacity, the business continues to generate cash that helps fund expansion.
The timing couldn’t be better. Bitcoin prices remain strong in 2025, giving IREN a dual growth engine: steady crypto cash flow and accelerating AI infrastructure demand.
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Earnings and Financial Momentum
Fiscal 2025 numbers highlight how quickly the company has transformed. Revenue jumped 168% year-over-year to $501 million. Net income reached $86.9 million, a sharp turnaround from a $28.9 million loss in 2024. Adjusted EBITDA climbed to nearly $270 million.
Read more: IREN Surges on Record Revenue Achievements
Management projects $200–250 million in annualized AI cloud revenue once the GPU fleet is fully deployed by year-end. Longer term, contracted renewable power capacity of nearly 3 GW provides room to scale far beyond the current footprint.
Key Catalysts to Watch
Traders are watching several upcoming events that could drive the next move in IREN stock:
- Ramp of AI cloud services as GPU utilization nears 100 percent
- Progress on liquid-cooled data centers, including the Horizon and Sweetwater projects
- Additional Nvidia Blackwell orders or expanded partner commitments
- Bitcoin revenue updates as crypto prices fluctuate
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IREN stock hit record highs above $30 in early September before pulling back to the mid-$20s. For momentum traders, the $30 level remains the breakout zone to watch. A confirmed move above that area could open a run toward the mid-30s or higher. On the downside, support levels sit in the $22–$20 range, where prior demand emerged.
Bottom Line
IREN is no longer just a Bitcoin miner. With cheap renewable power, liquid-cooled infrastructure, and Nvidia partnership status, the company is positioning itself as a key player in AI infrastructure — while still generating strong Bitcoin revenue. That dual catalyst setup makes IREN one of the most volatile and closely watched names in the market right now.
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This is stock news, not investment advice. StocksToTrade News delivers real-time stock market updates tailored to highlight the key catalysts driving short-term price movements. Our coverage is designed for active traders and investors who thrive in fast-moving markets, with a focus on volatile sectors like penny stocks, AI stocks, Robinhood stocks and other momentum plays. From earnings reports and FDA approvals to mergers, new contracts, and unusual trading volume, we break down the events that can spark significant price action.
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