TLDR
- Iren posted record FY25 revenue of $501 million, up 168% year-over-year, while swinging to $86.9 million net income from $28.9 million loss
- Company secured Nvidia Preferred Partner status and plans to deploy 10,900 Nvidia GPUs by December 2025
- AI cloud revenue jumped 429% to $16.4 million, with projections of $200-250 million annually from expanded GPU fleet
- Stock hit new 52-week high of $29.50, up 28% in single trading session before closing at $26.48
- Operating data center capacity tripled to 810 megawatts with contracted grid-connected power reaching 2,910 megawatts
Iren Limited has delivered one of 2025’s most impressive transformation stories. The company shifted from Bitcoin mining to AI infrastructure and rewarded investors with a 221% surge over six months.
The stock hit a new 52-week high of $29.50 on Friday. It closed at $26.48, up 14.93% for the day. Trading volume spiked to over 76 million shares, nearly triple the average daily volume.
Iren’s fiscal 2025 results show the power of its strategic pivot. Revenue exploded to $501 million from $187.2 million the previous year. That’s a 168% increase that few companies achieve.
The company swung to a net income of $86.9 million. Just one year ago, it posted a $28.9 million loss. Adjusted EBITDA soared 395% to $269.7 million.
Bitcoin mining still provides the bulk of revenue at $484.6 million. But AI cloud services tell the growth story. Revenue from this segment jumped 429% to $16.4 million from $3.1 million.
Nvidia Partnership Powers Expansion
Iren secured Nvidia Preferred Partner status through a major GPU purchase. The company bought 1,200 air-cooled B300 chips and 1,200 GB300s for approximately $168 million.
This expanded its GPU fleet to 10,900 Nvidia GPUs by December 2025. The fleet includes 800 H100s, 1,100 H200s, 5,400 B200s, and 1,200 B300s featuring Blackwell architecture.
GPU utilization runs at or near 100%. Hardware profit margins sit in the high 90s. The company projects $200 million to $250 million in annual AI cloud revenue from its expanded fleet.
Iren arranged non-dilutive financing covering 100% of GPU hardware costs. The 36-month lease structure allows rapid expansion without equity dilution.
The Preferred Partner status guarantees GPU allocation in a supply-constrained market. This gives Iren a competitive edge as demand for AI computing power continues growing.
Infrastructure Built for Scale
Operating data center capacity tripled to 810 megawatts in FY25. Contracted grid-connected power reached 2,910 megawatts across all facilities.
The company operates with power costs averaging $0.033 per kilowatt-hour. This ranks among the lowest globally and provides a substantial cost advantage.
Iren’s liquid-cooled facilities can support over 60,000 Nvidia Blackwell GPUs across existing sites. The infrastructure supports massive scale deployment as demand grows.
The Sweetwater 2 project in West Texas represents the next phase. This 600-megawatt facility can expand to 2 gigawatts. It will create one of North America’s largest AI computing hubs by 2027.
The 75-megawatt Horizon 1 data center launches in late 2025. Combined with Sweetwater 2, these facilities position Iren as essential infrastructure for enterprise AI deployment.
Despite the massive rally, Iren trades at 31 times forward earnings. This multiple appears reasonable for a company delivering triple-digit growth rates in the AI infrastructure space.
The company currently operates 1,900 Nvidia GPUs, up 132% from last year, with the planned expansion to 10,900 GPUs representing a nearly six-fold increase by December 2025.
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