IREN Limited, an Australian company once best known for its Bitcoin mining operations, is now emerging as a rising player in the AI compute infrastructure sector.
On Monday, November 3, the company’s stock surged 9% in early trading, extending an extraordinary rally that has seen the stock gain more than 630% over the past year.
The momentum reflects growing investor confidence in Iren’s transformation into a renewable-powered AI cloud and data center operator.
Iren
Once focused on cryptocurrency mining, Iren has been deliberately reallocating capital and infrastructure toward AI compute and cloud services. This shift has redefined its growth trajectory, fueling a 31% stock gain in the past month, buoyed by deals with Nvidia and, more recently, Microsoft.
Iren and its AI computing shift
The company currently operates 810 MW of operating data centers across North America. It holds 2.9 GW of grid-connected power across more than 2000 acres, with a multi-gigawatt development pipeline supporting future expansions.
Iren’s evolution reflects a broader shift across the technology landscape. According to Deloitte, AI-driven workloads are expected to significantly increase computing demand across all major tech environments.
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Deloitte’s survey found that 87% of respondents expect the sharpest short-term growth to come from emerging AI cloud providers and 78% from edge-computing platforms, suggesting a shift towards specialized, power-dense AI cloud and edge environments.
This projection is playing out at Iren, which has reoriented its business towards AI infrastructure, and investor confidence is evident in the rapidly increasing stock price, notably a 330% stock surge over the quarter.
On November 3, the company signed a five-year, $9.7 billion GPU cloud services agreement with Microsoft, supplying NVIDIA GB300 chips from its 750 megawatt Texas campus, one of the most significant private AI infrastructure contracts announced this year.
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This is in addition to Iren doubling its AI fleet to 23,000 GPUs, including NVIDIA B200, B300, and AMD MI350X units that the company announced earlier in September.
Analyst sentiment remains mixed. Cantor Fitzgerald raised its price target to $142 from $100 and kept an Overweight rating. However, HC Wainwright double-downgraded Iren to Sell from Buy with a price target of $45, up from $36, warning investors that optimism around its AI cloud business “has reached a point of irrational exuberance,” as noted at TheFly.
IREN’s expansion mirrors micro trends across the data center sectors. A McKinsey report estimates global demand for data-center capacity to increase 19-22% annually from 2023 to 2030, “to reach an annual demand of 171 to 219 gigawatts (GW).”
As demand for AI’s energy and infrastructure soars, companies like Iren are positioning themselves at the intersection of renewable energy-powered infrastructure, AI cloud computing, and high-density, mission-critical data centers.
IREN will release its Q1 FY 2026 earnings on November 6, 2025.
