TLDR
- Iris Energy (IREN) stock hit an all-time high of $49.44 on October 3, 2025, and jumped another 5% in pre-market trading to around $53 on October 6.
- The company reported record FY2025 revenue of $501 million, up 168% year-over-year, with net income of $86.9 million.
- Iris Energy doubled its GPU fleet to 23,000 units through a $674 million purchase of Nvidia and AMD accelerators, targeting over $500 million in AI cloud revenue by early 2026.
- Multiple analysts raised price targets, with Roth Capital setting an $82 target and Bernstein reaching $75, though JPMorgan downgraded to Underweight with a $24 target.
- The stock has surged roughly 460-500% over the past year, with year-to-date gains near 382%, vastly outperforming traditional crypto mining peers.
Iris Energy shares reached a record high on October 3, closing near $49 after hitting $49.44 during the trading session. The stock climbed another 5% in pre-market trading on October 6, pushing the price to approximately $53.
The surge caps a remarkable year for the bitcoin mining company. Shares have gained roughly 460-500% over the past 12 months.
Year-to-date gains stand at about 382% as of early October. That performance dwarfs competitors like Cipher Mining, up 205%, and Riot Platforms, up 144%.
Trading volume spiked to over 16 million shares on October 3. That’s well above normal levels for the stock.
Technical indicators show the 14-day RSI pushed into the high-70s and 80s range. That puts the stock in “overbought” territory according to chart analysts.
Financial Results Drive Investor Interest
Iris Energy reported record results for fiscal year 2025, which ended June 30. Revenue reached $501 million, up 168% from the prior year.
Net income came in at $86.9 million. That’s a turnaround from a net loss in fiscal 2024.
The fourth quarter alone delivered $187.3 million in revenue with earnings per share of $0.19. Both figures slightly topped analyst estimates.
Adjusted EBITDA nearly quadrupled year-over-year, climbing 395% to $269.7 million. The company’s bitcoin mining output benefited from BTC prices more than doubling over the year.
Bitcoin recently traded above $124,000 per coin. That’s more than double from the $50,000-$60,000 range seen in late 2024.
Iris operates with an average power cost of just $0.038 per kilowatt-hour using 100% renewable energy. That translates to a breakeven cost around $34,000-$36,000 per bitcoin.
With bitcoin at current levels, the company enjoys gross margins of 70-75% on mined coins. That’s a profit spread most competitors can’t match.
The April 2024 bitcoin halving cut block rewards in half. That made low-cost operations like Iris more valuable as higher-cost miners struggled.
Major GPU Purchase Expands AI Cloud Business
The company announced a massive hardware purchase on September 22. Iris bought 12,400 additional GPU accelerators from Nvidia and AMD.
That purchase doubled the company’s total GPU fleet to approximately 23,000 units. The $674 million investment aims to power AI cloud computing services.
Management raised its AI cloud revenue target to $200-250 million annually by December 2025. The company expects that figure to exceed $500 million by early 2026.
For context, the AI cloud segment generated only about $16 million in revenue during fiscal 2025. The projected growth represents an exponential increase.
Iris secured Nvidia “Preferred Partner” status in August. The designation aligns the company with the leading GPU manufacturer.
The company is building new liquid-cooled facilities in British Columbia and Texas. Those data centers will accommodate the power-hungry AI hardware.
By late September, Iris had over 10,000 GPUs online with thousands more arriving in batches. Executives describe the strategy as leveraging mining infrastructure and cheap energy to become a major AI player.
The company completed a major expansion of its bitcoin mining operations earlier in 2025. Hash rate capacity reached 50 exahashes per second, about five times higher than a year prior.
That makes Iris one of the world’s largest bitcoin miners. The company secured 2.91 gigawatts of contracted power availability across its sites, up 35% year-over-year.
Operating data center capacity hit 810 megawatts by mid-2025. The company has secured a 2,000-acre site in Texas for future expansion.
A flagship project in Sweetwater, Texas features a 2.0 gigawatt capacity. The first 750 megawatt phase is under construction for a 2026 launch.
Iris appointed Anthony Lewis as CFO in September. Lewis previously worked at Galaxy Digital.
The company secured $96 million in financing to fund GPU purchases. Management emphasized the balance sheet remains strong with $184 million in cash.
Debt-to-equity ratio sits at approximately 0.5. Executives say liquidity is sufficient to support expansion plans.
Wall Street Analysts Raise Price Targets
Multiple firms upgraded their outlook on Iris Energy in recent weeks. Roth Capital quadrupled its price target from $35 to $82.
The firm cited improving visibility in AI cloud computing and potential for valuation expansion. Arete Research initiated coverage with a Buy rating and $78 target.
Bernstein raised its target from $20 to $75. The firm values Iris more like a fast-growing data center provider than a traditional miner.
Compass Point lifted its target to $50. The upgrades reflect confidence in the company’s dual crypto-and-AI strategy.
However, JPMorgan downgraded the stock to Underweight with a $24 price target. The firm warned shares “might already account for future expectations that require heavy capital expenditure.”
As of early October, the stock carries 11 Buy ratings versus just one Sell according to MarketBeat. The consensus price target has climbed to around $47-$50.
The stock recently traded at over 100 times trailing earnings. That compares to about 17 times for peer Marathon Digital.
Bulls see Iris as uniquely positioned across two high-growth industries. Bears focus on execution risk and rich valuation multiples.
Institutional Activity Increases
Institutional interest in Iris Energy has grown alongside the stock surge. In the most recent quarter, 148 institutional investors added shares while 115 reduced positions.
Fidelity’s FMR LLC added 8.65 million shares in the second quarter of 2025. The investment is worth approximately $126 million.
Hood River Capital added about 5.1 million shares. Jane Street Capital increased its position by 5.0 million shares.
Some funds took profits after the rally. BNP Paribas sold 7.3 million shares, essentially closing out its position.
Hedge funds like Arrowstreet Capital and D.E. Shaw each liquidated holdings of 3-5 million shares. Such moves are typical when fast-money investors lock in gains.
Company co-founders and co-CEOs Daniel and Will Roberts each sold approximately one million shares in September. The insider sales, totaling around $66 million, came as the stock traded in the $30s.
The Roberts brothers still retain ownership stakes after the sales. The transactions were disclosed in regulatory filings as planned moves.
Congressman Cleo Fields purchased up to $50,000 worth of IREN stock on July 10, 2025. That trade has generated returns following the October rally.
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