IREN Limited's Meteoric Rise: From Bitcoin Miner to AI Infrastructure Powerhouse

What's Going With IREN Stock On Tuesday - IREN (NASDAQ:IREN)

IREN Limited (NASDAQ:IREN) shares advanced on Tuesday after the data center operator announced a new batch of multi-year agreements with major artificial intelligence companies that are deploying NVIDIA Corporation's (NASDAQ:NVDA) Blackwell GPUs. The stock gave up its premarket gains and is trading lower at the time of publication. IREN said its expanding AI Cloud division remains on track to surpass $500 million in annualized recurring revenue from a combined fleet of 23,000 GPUs that are either active or scheduled to come online by the first quarter of 2026. The company has locked in customer commitments for roughly 11,000 GPUs -- representing about $225 million in annualized cloud revenue -- expected to be operational by the end of 2025. Also Read: Stock Market Today: Dow Jones, Nasdaq Futures Slip Amid Delay In Trade Deficit Data During Shutdown -- Trilogy Metals, AMD, Applovin In Focus Contract Details These NVIDIA Blackwell units are typically leased on two-year contracts that allow IREN to recoup its investment within the same timeframe. Beyond the initial 23,000-GPU deployment, IREN continues to host demonstrations and technical evaluations with potential clients. Its British Columbia campuses, along with the under-construction Horizon 1 and Horizon 2 facilities in Childress, Texas, will collectively support more than 100,000 GPUs once completed. The firm's broader energy portfolio -- amounting to 2,910 megawatts of secured power and land -- provides further headroom for large-scale AI infrastructure expansion. "Our ability to rapidly transition from ASICs to GPUs across our British Columbia campuses, and the speed at which we're building Horizon 1 & 2, demonstrates how IREN is uniquely positioned to meet accelerating demand for AI compute," said Daniel Roberts, co-founder and co-CEO of IREN. "With nearly 3GW of grid-connected power across North America and a cloud services business scaling in size and reputation, we believe IREN is well positioned to scale with the rapid growth in AI compute needs." Price Action IREN shares were down 3.36% at $55.81 at the time of publication on Tuesday. The stock is trading near its 52-week high of $58.28, according to Benzinga Pro data. With a market cap of $15.18 billion and a P/E ratio exceeding 148, the company is positioned in the high-growth segment of the software industry, reflecting investor optimism despite the lack of dividend yield. Its 52-week range highlights significant volatility, as the stock has surged from a low of $5.12 to a recent high near $58.28, indicating a substantial recovery and heightened investor interest in technology solutions. Read Next: Top 3 Industrials Stocks Which Could Rescue Your Portfolio In October Photo via Shutterstock IRENIREN Ltd$56.59-2.01%OverviewNVDANVIDIA Corp$185.34-0.11%Market News and Data brought to you by Benzinga APIs

Why IREN Limited Rallied Over 77% in September | The Motley Fool

IREN -- which is now a "neocloud," renting third-party chips to others -- reported its fiscal fourth-quarter results at the end of August, at which time it disclosed it had achieved the Nvidia (NVDA -1.10%) "preferred partner" status and rose on that news. But September saw a increase in projections for AI computing demand over at least the next few years, on the heels of extremely bullish long-term forecasts from several AI companies, especially Oracle (ORCL 2.01%), OpenAI, and Nvidia. IREN also helped its own cause in September when it announced it had doubled its supply of graphics processing units (GPUs), spurring the company to double its already bullish projections for its end-of-year annualized revenue run rate. On September 8, IREN gave its monthly revenue update. Most of IREN's revenue still currently comes from Bitcoin mining, and it saw only a slight increase in its fledgling AI cloud data center business in August, recording $2.4 million in revenue relative to $2.3 million in July. However, on its August earnings call, IREN said it expects its AI cloud revenue to increase by 8 to 10 times just by December. Then, late in September, it hiked that forecast once again. Early in the month, database and cloud giant Oracle announced an absolutely massive increase in its future remaining performance obligations for its cloud unit, to $455 billion. It turns out ChatGPT parent OpenAI accounts for about $300 billion of that backlog, which spans 2027 through 2031. Then, later in the month, Nvidia announced it would invest up to $100 billion in OpenAI to fund another 10 gigawatts of AI data centers. These massive deals show incredible demand for AI compute and potential supply tightness regarding access to power and AI chips. That's why IREN, with an existing 2.91 GW of power and another 750 megawatts contracted, should see high demand for its existing capacity. Then, on Sept. 22, IREN also disclosed it had secured 7,100 Nvidia B300s, 4,200 Nvidia B200s, and 1,100 Advanced Micro Devices (AMD 23.61%) MI350Xs, for a total of $674 million. The 12,400-chip increase had the effect of doubling IREN's fleet of GPUs. Along with the announcement, IREN raised its AI cloud annualized revenue run-rate guidance to $500 million by January. On its late-August earnings release, it had previously forecast $250 million in AI cloud ARR by December. After its September surge, IREN's market cap has rocketed to $15.7 billion, which is quite striking for a company with a tad over $500 million in revenue over the past 12 months. IREN is slightly profitable, thanks to its Bitcoin mining operations. However, the stock is now pricing in a strong runway of profitable AI cloud growth, which entails buying Nvidia and AMD GPUs and renting them out. If the AI boom goes the way OpenAI and the optimists believe -- if the technology transforms everything rapidly and there is endless demand for computing -- the price movements in these neoclouds could be justified. However, as the dot-com bubble has taught us, if this story is interrupted by an economic downturn, or if AI turns out to be less transformative less quickly, these soaring stocks could be in for a rude awakening.

IREN Stock Up Nearly 900% in Last 6 Months, Premarket Signals Another 5% Gain Today: What's Driving The Explosive Surge? - Advanced Micro Devices (NASDAQ:AMD)

Shares of IREN Ltd (NASDAQ:IREN) climbed 8% in pre-market trading on Tuesday, as the data center operator announced multi-year agreements with major artificial intelligence companies deploying NVIDIA Corp.'s (NASDAQ:NVDA) Blackwell GPUs. AI Pivot, Cloud Service Deals Drive Stock Surge IREN on Tuesday said its expanding AI Cloud division remains on track to surpass $500 million in annualized recurring revenue from a combined fleet of 23,000 GPUs that are either active or scheduled to come online by the first quarter of 2026. Shares in the company are up nearly 900% over the last six months, touching an all-time high of $58.28 on Monday. The recent momentum in shares is being fueled by investor optimism about IREN's strategic move from a Bitcoin (CRYPTO: BTC) miner to an AI infrastructure powerhouse. The company said it has also inked customer commitments for roughly 11,000 GPUs, representing about $225 million in annualized cloud revenue. These are expected to be operational by the end of 2025. 'Picasso At A Garage Sale' Investor Andrew Wilkinson, a high-profile bull, has referred to the stock as a "Picasso at a garage sale," implying it is still significantly undervalued. Despite some analysts agreeing with this optimism, the stock's high valuation continues to spark a debate among investors about its future growth. The recent surge in IREN's stock price is part of a larger trend. The stock had experienced a significant rise earlier in September, following the company's announcement of an expansion of its artificial intelligence cloud capacity and new revenue guidance. See Also: Former Combat Veteran Building F-16s At Lockheed Martin Now Earns $8,466 a Month -- But the Price He Paid Is Something No Paycheck Can Fix However, this was followed by a recent JPMorgan downgrade to Underweight, which had briefly slowed down the stock's rise due to valuation concerns. Benzinga Edge Stock Rankings shows that IREN has a strong price trend over the short, medium, and long term. Its momentum ranking was high at the 100th percentile, whereas its value ranking was poor at the 3rd percentile; the details of other metrics are available here. READ NEXT: Famed Short-Seller Jim Chanos Questions AMD's Revenue Forecast Following OpenAI Deal: 'Shouldn't This Deal Bring In More... For $AMD?' Image via Shutterstock Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. $BTCBitcoin - United States dollar$124528.45-0.15%OverviewAMDAdvanced Micro Devices Inc$211.303.73%IRENIREN Ltd$61.756.93%NVDANVIDIA Corp$186.120.31%Market News and Data brought to you by Benzinga APIs

IREN Limited Secures New Multi-Year AI Cloud Contracts

IREN Limited announced it has signed additional multi-year cloud services contracts with leading AI companies for NVIDIA Blackwell GPU deployments. IREN recently expanded its AI Cloud capacity and remains on track to achieve > $500 million in annualized run-rate revenue (ARR) from the 23k GPUs currently operating and on order by the end of First Quarter 2026. To date, customer contracts have been secured for 11k of the 23k GPUs, representing approximately $225 million in AI Cloud ARR, expected to be in operation by the end of 2025. New NVIDIA Blackwell GPUs continue to be contracted ahead of delivery on an average term of 2 years, at pricing that supports a 2-year revenue payback. Beyond the initial 23k GPUs, IREN is actively engaging with existing and prospective customers through site tours, technical diligence and commercial negotiations. The British Columbia campuses, together with the Horizon 1 & 2 data centers under construction in Childress, provide capacity for more than 100k GPUs.3 In addition, IREN's 2,910 MW secured power and land portfolio offers significant expansion potential, which is also the subject of ongoing customer discussions. With the business continuing to evolve, IREN will transition to a standardized reporting process consistent with industry peers and monthly operating updates will be discontinued.