IREN Ltd ( NASDAQ : IREN ) Pro Research Key Indicators : Date : Oct 23, 2025 Stock Price $ 60.7 52 ‑ Week Range $ 5.12 - $ 74.2 Market Cap $ 16.2 B P / E Ratio 186.6 P / E ( Fwd .) 67.3 EPS Actual 0.35 EPS Estimate 0.88 EPS Revisions (90 d ) ↑ 0 ↓ 1 PEG Ratio 0.68 FCF Yield -0.07 EV / EBITDA 82.4 Book / Share 7.51 Beta (5 Y ) 4.20 Revenue $ 501.0 M Revenue Forecast $ 1.1 B 1- Year Change 6.00% Div Yield 0% Div Growth Streak - Next Earnings 2025-12-02 5- Year Chart Executive Summary IREN Ltd is a dual - focused company operating Bitcoin mining and AI cloud data center services across the USA and Canada , strategically positioned at the intersection of cryptocurrency and artificial intelligence infrastructure The company has demonstrated remarkable growth in 2025, with significant expansion of its AI Cloud capacity to approximately 23,000 GPUs ( including NVIDIA Blackwell GPUs ) through a recent $ 674 million purchase IREN is targeting over $ 500 million in AI Cloud annualized run - rate revenue by Q 1 2026, while maintaining strong performance in its Bitcoin mining operations with 50 exahash capacity generating approximately $ 1 billion in annualized revenue at current economics IREN ' s vertically integrated business model , controlling everything from grid - connected power to compute infrastructure , provides significant competitive advantages in both speed - to - market and operational efficiency The company has secured 2,910 megawatts of power and land portfolio with capacity for more than 100,000 GPUs at its British Columbia campuses and Childress data centers currently under construction In October 2025, IREN closed a substantial $ 1 billion convertible notes offering with a 0% coupon rate , demonstrating strong institutional investor confidence The company has also secured favorable GPU financing arrangements at single - digit interest rates that cover 100% of hardware costs , enabling capital - efficient expansion of its AI cloud business Analysts have shown increasing optimism about IREN ' s strategic pivot , with multiple price target upgrades ( Bernstein to $ 75, Roth / MKM to $ 82, Compass Point to $ 50), though JPMorgan remains cautious with a downgrade to Underweight The company currently trades at relatively high valuation multiples ( P / E of 186.62, forward P / E of 67.27, EV / EBITDA of 82.43), reflecting expectations of continued rapid growth but also presenting risks if execution falters or market conditions change Fair Value Upside -11.4% Fair Value $ 45.9 Financial Health Financial health is determined by ranking the company on over 100 indicators compared to other companies in its sector that operate in similar economic markets Rate your experience with Pro Research : Price(Adj.) Revenue EPS 0.0 20.0 40.0 60.0 80.0 100.0 0.0M 100.0M 200.0M 300.0M 400.0M 500.0M 600.0M -30.0 -25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 2020-10-17 2021-05-15 2021-12-11 2022-07-09 2023-02-04 2023-09-02 2024-03-30 2024-10-26 2025-05-24 Analyst High (100.00) Analyst High (100.00) Analyst Low (24.00) Analyst Low (24.00) Analyst Avg. (56.42) Analyst Avg. (56.42) Price(Adj.), USD Analyst Target, USD Revenue, USD EPS, USD Forecast 6.4 /10 Growth Rating 5.3 /10 Profitability Rating 5.8 /10 Cash Flow Rating page 1 /11 - Forecast IREN Ltd ( NASDAQ : IREN ) Pro Research Valuation Reporting Date 2023 2024 2025 2026 2027 Period Ending 30/06 30/06 30/06 30/06 30/06 Capitalization $ 256.2 M $ 1.7 B $ 3.5 B $ 16.2 B $ 16.2 B P / E Ratio - -187.8 186.6 67.3 43.1 Div Yield 0 0 0 0 - Capitalization / Revenue - 10.00 32.4 14.2 10.9 EV / Revenue - 8.42 33.2 14.5 11.1 EV / EBITDA - 92.1 82.4 22.0 16.5 EV / FCF 9.59 -7.19 -15.0 - - FCF Yield - -0.22 -0.07 - - Price / Book - 2.44 8.93 8.93 - Pro Tips Tips that distill complex financial data into concise , actionable investment insights Net income is expected to grow this year Analysts anticipate sales growth in the current year Trading at a low P / E ratio relative to near - term earnings growth High return over the last year Liquid assets exceed short term obligations Strong return over the last month Strong return over the last three months Analysts predict the company will be profitable this year Profitable over the last twelve months Large price uptick over the last six months Strong return over the last five years 2 analysts have revised their earnings downwards for the upcoming period Trading at a high earnings multiple Stock price movements are quite volatile Trading at a high EBIT valuation multiple Trading at a high EBITDA valuation multiple Trading at a high revenue valuation multiple Trading at a high Price / Book multiple Operates with a moderate level of debt Does not pay a dividend to shareholders page 2 /11 IREN Ltd ( NASDAQ : IREN ) Pro Research Analyst Projections : Analyst EPS Forecasts Period Ending Average YoY Growth Forward P / E # of Analysts 2024 0.88 179.1% 67.3 x 3 2025 1.37 79.7% 43.1 x 3 2026 2.43 -100% 24.3 x - EPS Revisions Q 1 2026 The chart above depicts the trend in analyst earnings per share ( EPS ) forecasts for the upcoming quarter Analysts have reduced this quarter ' s expectations by 101.2% for EPS from $ 0.35 per share to $ -0.00 per share over the last 12 months EPS Revisions FY 2026 The chart above depicts the trend in analyst earnings per share ( EPS ) forecasts for the FY 2025. Analysts have reduced this quarter ' s expectations by 90.8% for EPS from $ 1.61 per share to $ 0.15 per share over the last 12 months The company is expected to report earnings for Q 1, 2026, on December 02, 2025. Latest Ratings Date Analyst Rating Target Oct 22, 25 B Riley Buy $ 74 Oct 14, 25 Cantor Fitzgerald Buy $ 100 Oct 14, 25 BTIG Buy $ 75 Sep 29, 25 Compass Point Buy $ 50 Sep 26, 25 JPMorgan Sell $ 24 Sep 24, 25 Bernstein SocGen Group Buy $ 75 Sep 24, 25 Arete Buy $ 78 Sep 23, 25 Roth / MKM Buy $ 82 Sep 15, 25 Canaccord Genuity Buy $ 42 Sep 15, 25 Compass Point Buy $ 23 Sep 10, 25 BTIG Buy $ 32 Sep 02, 25 Jones Trading Hold N / A Sep 02, 25 H C Wainwright Buy $ 36 Aug 29, 25 Macquarie Buy $ 33 Aug 29, 25 H C Wainwright Buy $ 36 Aug 29, 25 B Riley Buy $ 29 Aug 29, 25 Cantor Fitzgerald Buy $ 41 Jul 28, 25 JPMorgan Hold $ 16 Jul 25, 25 Compass Point Buy $ 23 -0.1 0 0.1 0.2 0.3 0.4 0.47 2024-08-29 2024-12-06 2025-01-07 -0.42 0 0.5 1 1.5 2 2024-08-23 2025-03-07 2025-05-15 2025-07-16 page 3 /11 IREN Ltd ( NASDAQ : IREN ) Pro Research Y LTM Financials : Income Statement Date 2022 2023 2024 2025 LTM Revenue 59.0 75.5 187.2 501.0 501.0 Operating Income 0.5 -40.5 -19.2 20.6 20.6 Net Income to Stockholders -419.8 -171.8 -28.9 86.9 86.9 Shares Outstanding 53.0 55.0 146.6 241.9 274.0 Diluted EPS -10.3 -3.14 -0.29 0.39 0.39 EBITDA 8.1 -9.8 31.2 201.7 201.7 Balance Sheet Date 2022 2023 2024 2025 LTM Total Current Assets 160.3 89.2 452.4 641.2 641.2 Total Assets 570.5 332.1 1,152 2,940 2,940 Total Current Liabilities 85.1 24.0 51.1 149.3 149.3 Total Liabilities 133.1 26.7 55.3 1,122 1,122 Total Equity 437.4 305.4 1,097 1,817 1,817 Total Debt 108.3 1.4 1.3 964.2 964.2 Cash Flow Statement Date 2022 2023 2024 2025 LTM Cash from Operations -37.5 5.7 52.2 245.9 245.9 Cash from Investing -259.1 -71.5 -498.5 -1,380 -1,380 Cash from Financing 372.0 28.6 782.6 1,294 1,294 Levered Free Cash Flow -0.0 -0.0 -0.0 -0.0 -0.0 * In USD millions , except number of shares , which are reflected in thousands , and per share amounts Revenue , Market Cap , Price / sales Net Income , EPS , Shares Leverage and Debt Revenue Revenue $501.0M $501.0M Cost of Goods Cost of Goods $159.0M $159.0M Gross Profit Gross Profit $342.0M $342.0M SG&A SG&A $136.5M $136.5M Operating Profit Operating Profit $20.6M $20.6M Income Tax Income Tax $6.6M $6.6M Net Profit Net Profit $86.9M $86.9M * Income Statement is based on LTM data from 2024-06-30 to 2025-06-30 0.0 10.0 20.0 30.0 40.0 50.0 0.0M 200.0M 400.0M 600.0M 800.0M 1000.0M 0.0B 4.0B 8.0B 12.0B 16.0B 20.0B 2015-06-30 2018-06-30 2021-06-30 2024-06-30 Price/Sales Revenue, Market Cap, -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 -550.0M -450.0M -350.0M -250.0M -150.0M -50.0M 50.0M 0.0M 71.4M 142.9M 214.3M 285.7M 357.1M 446.4M 2015-06-30 2018-06-30 2021-06-30 2024-06-30 EPS, Net Income, Shares Outstanding -210 -180 -150 -120 -90 -60 -30 0 -10.0% 10.0% 30.0% 50.0% 70.0% 90.0% 110.0% 130.0% 2015-06-30 2018-06-30 2021-06-30 2024-06-30 Interest Coverage Ratio Total Debt / Total Capital page 4 /11 IREN Ltd ( NASDAQ : IREN ) Pro Research Q 3 Financials Income Statement Date Q 3 2023 Q 4 2023 Q 1 2024 Q 2 2024 Q 3 2024 Revenue 55.9 54.4 117.9 148.1 180.6 Operating Income -13.6 -39.1 18.0 27.9 13.8 Net Income to Stockholders -27.0 -51.7 18.9 24.2 95.5 Shares Outstanding 146.6 189.3 214.4 224.5 241.9 Diluted EPS -0.18 -0.27 0.09 0.11 0.35 EBITDA 12.9 -5.1 54.2 75.3 77.2 Balance Sheet Date Q 3 2023 Q 4 2023 Q 1 2024 Q 2 2024 Q 3 2024 Total Current Assets 452.4 158.8 525.2 255.9 641.2 Total Assets 1,152 1,281 1,852 1,989 2,940 Total Current Liabilities 51.1 146.0 559.0 553.1 149.3 Total Liabilities 55.3 151.7 565.8 564.2 1,122 Total Equity 1,097 1,129 1,286 1,425 1,817 Total Debt 1.3 2.6 319.9 324.1 964.2 Cash Flow Statement Date Q 3 2023 Q 4 2023 Q 1 2024 Q 2 2024 Q 3 2024 Cash from Operations 133.7 -3.8 53.7 -211.1 407.1 Cash from Investing -439.9 -387.1 -180.3 -138.6 -674.5 Cash from Financing 451.9 84.6 456.9 107.0 646.3 Levered Free Cash Flow -0.0 -0.0 -0.0 -0.0 49.2 * In USD millions , except number of shares , which are reflected in thousands , and per share amounts Revenue , Market Cap , Price / sales Net Income , EPS , Shares Leverage and Debt Q Revenue Revenue $180.6M $180.6M Cost of Goods Cost of Goods $136.8M $136.8M Gross Profit Gross Profit $43.8M $43.8M SG&A SG&A $-10.6M $-10.6M Operating Profit Operating Profit $13.8M $13.8M Income Tax Income Tax $-2.8M $-2.8M Net Profit Net Profit $95.5M $95.5M * Income Statement is based on LTM data from 2025-06-30 0.0 10.0 20.0 30.0 40.0 50.0 0.0M 60.0M 120.0M 180.0M 240.0M 300.0M 0.0B 4.0B 8.0B 12.0B 16.0B 20.0B 2022-12-31 2023-09-30 2024-06-30 2025-03-31 Price/Sales Revenue, USD Market Cap, USD -3.0 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 0.5 -200.0M -150.0M -100.0M -50.0M 0.0M 50.0M 100.0M 150.0M 0.0M 71.4M 142.9M 214.3M 285.7M 357.1M 428.6M 500.0M 2022-12-31 2023-09-30 2024-06-30 2025-03-31 EPS Net Income Shares Outstanding -800.0 -600.0 -400.0 -200.0 0.0 200.0 0.0 20.0 40.0 60.0 80.0 100.0 2022-12-31 2023-09-30 2024-06-30 2025-03-31 Interest Coverage Ratio Total Debt / Total Capital page 5 /11 IREN Ltd ( NASDAQ : IREN ) Pro Research Momentum & Technical Indicators Price Momentum Metric IREN Percentile Score Price % of 52 Week High 81.9% 59.7% 3.0 1 Month Price Total Return 45.4% 99.1% 5.0 1 Week Price Total Return -1.8% 32.9% 1.6 1 Year Price Total Return 599.5% 100% 5 2 Week Price Total Return -4.9% 26.6% 1.3 2 Year Price Total Return 1797.5% 100% 5 3 Month Price Total Return 219.7% 100% 5 3 Week Price Total Return 29.1% 97.6% 4.9 3 Year Price Total Return 1910.6% 100% 5 4 Year Price Total Return 148.3% 91.6% 4.6 5 Year Price Total Return 148.3% 84.7% 4.2 6 Month Price Total Return 895.4% 100% 5 Peers RIOT HUT 83.7% 84.6% 17.3% 36.8% 2.5% -0.7% 105.0% 220.7% -10.1% 4.5% 107.1% 327.0% 39.7% 123.8% 4.1% 24.1% 243.6% 327.0% -29.2% 327.0% 412.3% 327.0% 167.1% 295.3% Technical Summary Sell Moving Averages Neutral Technical Indicators Strong Sell The Moving Average Score is based on various moving averages , both simple and exponential , with ranges from 5 to 200. The Technical Score is calculated based on key technical indicators , including RSI , Stochastic , MACD , Williams % R , CCI , ATR , Highs / Lows , Ultimate Oscillator , ROC , and Bull / Bear Power , among others Peer Benchmarks : Market and Yield Metrics Metric IREN RIOT HUT Market Cap $ 16.2 B $ 8.1 B $ 5.3 B Price % of 52 Week High 0.70% 0.79% 0.68% Div Yield 0% 0% 0% Beta 4.20 4.63 - 1 Year Return 6.00% 1.05% 2.21% Growth Metrics Metric IREN RIOT HUT Revenue Growth 1.68% 0.93% -0.06% Revenue CAGR (5 y ) 1.97% 1.23% Net Income Growth 4.01% -2.09% -0.16% Net Income CAGR (5 y ) Revenue Forecast CAGR (5 y ) 0.54% 0.38% 0.47% Net Income Forecast CAGR (5 y ) 0.58% 0.73% Financial Statement Metrics Metric IREN RIOT HUT Revenue $ 501.0 M $ 541.7 M $ 138.5 M Gross Profit $ 342.0 M $ 193.1 M $ 60.2 M Operating Income $ 20.6 M $ 24.5 M $ 331.3 M Gross Profit Margin 0.68 0.36 0.43 Net Income to Common $ 86.9 M - $ 94.8 M $ 154.0 M ROE 0.06 -0.03 0.16 ROI 0.01 0.01 0.20 ROA 0.04 -0.03 0.10 Total Assets $ 2.9 B $ 4.3 B $ 2.0 B Total Debt $ 964.2 M $ 869.5 M $ 362.0 M Valuation Metrics Metric IREN RIOT HUT P / E Ratio ( LTM ) 186.6 -81.3 34.2 PEG Ratio 0.68 0.46 -0.74 Price / Book 8.93 2.34 4.16 Price / LTM Sales 32.4 14.2 38.0 Analyst Upside 0.01% 0.08% -0.24% Fair Value Upside -11.4% 11.4% -25.5% Strong Sell Sell Neutral Buy Strong buy page 6 /11 IREN Ltd ( NASDAQ : IREN ) Pro Research Latest Insights IREN has secured $ 225 million in AI Cloud annualized run - rate revenue with contracts for 11,000 of its 23,000 GPUs and remains on track to achieve over $ 500 million by Q 1 '26, demonstrating strong demand and execution capabilities The company has obtained 100% GPU financing at single - digit interest rates , enabling capital - efficient expansion of its AI cloud infrastructure with 2-3 year payback periods IREN ' s vertically integrated model ( owning everything from grid connection to compute ) eliminates third - party colocation fees and provides superior control over performance , reliability and service quality compared to competitors Recent $ 1 billion convertible notes offering with 0% coupon demonstrates exceptional access to capital markets and institutional investor confidence With 50 exahash of Bitcoin mining capacity generating ~ $ 1 billion in annualized revenue at current economics , IREN maintains a strong cash - generating foundation to support AI infrastructure expansion The company ' s British Columbia campuses and Childress data centers provide capacity for over 100,000 GPUs , creating substantial runway for growth as AI compute demand continues to outpace available infrastructure IREN ' s strategic position as an NVIDIA preferred partner enhances its supply access and helps broaden its customer pipeline Bull Case IREN trades at extremely high valuation multiples ( P / E 186.62, forward P / E 67.27, EV / EBITDA 82.43) that require flawless execution and continued hypergrowth to justify The company faces intense competition in AI cloud services from established hyperscalers and well - funded startups , potentially pressuring margins over time Despite diversification efforts , IREN remains significantly exposed to Bitcoin price volatility which could impact cash flows needed for AI expansion Executing on multiple large - scale data center projects simultaneously ( Prince George expansion , Horizon 1, Sweetwater ) presents operational challenges and potential for delays or cost overruns Trading at high multiples across revenue , EBITDA , and book value metrics increases downside risk if growth trajectory slows The company does not pay dividends , limiting investor returns to capital appreciation only JPMorgan recently downgraded IREN to Underweight with a $ 24 price target , highlighting valuation concerns Bear Case IREN ' s approach to AI cloud focuses on bare metal services , giving customers direct access to compute without forcing proprietary software layers - this appeals particularly to sophisticated AI developers and hyperscalers The company has commenced site works and procurement for Horizon 2, a second 50 MW liquid - cooled facility at Childress , which together with Horizon 1 will support over 38,000 liquid - cooled GB 300 s New NVIDIA Blackwell GPUs are being contracted ahead of delivery on average 2- year terms , with pricing supporting approximately 2- year revenue payback periods IREN ' s Sweetwater hub in Texas represents its largest future development at 1.4 GW ( Sweetwater 1), with potential to support over 600,000 GB 300 s when fully built The company ' s ability to operate high - density , power - intensive computing at scale is attractive to colocation customers , with management noting their operational expertise has been a selling point rather than a conflict IREN has achieved 15 joules per terahash efficiency in its Bitcoin mining operations with low power costs of 3.5 ¢ per kilowatt hour , creating strong margins with an all - in cash cost of $ 36,000 per Bitcoin versus average realized price of $ 99,000. Management structure remains founder - led , enabling rapid decision - making in a fast - evolving market landscape Additional Insights page 7 /11 IREN Ltd ( NASDAQ : IREN ) Pro Research SWOT Analysis Vertically integrated business model controlling the full stack from power to compute provides superior cost control , faster time - to - market , and higher margins Secured 2,910 megawatts of power across strategic locations with capacity for more than 100,000 GPUs , creating a significant infrastructure moat Dual revenue streams from Bitcoin mining and AI cloud services provide diversification and financial flexibility Demonstrated operational excellence with Bitcoin mining efficiency of 15 joules per terahash and industry - leading margins Strong access to capital evidenced by $ 1 billion zero - coupon convertible note offering and attractive GPU financing terms NVIDIA preferred partner status enhancing GPU supply access and customer acquisition capabilities Experienced management team with proven ability to execute large - scale infrastructure projects on schedule Strengths High valuation multiples ( P / E 186.62, forward P / E 67.27, EV / EBITDA 82.43) create pressure to maintain rapid growth trajectory Negative free cash flow yield (-0.07) as company invests heavily in expansion No dividend payments to shareholders , limiting income - focused investor appeal Operates with moderate debt levels that could become problematic if growth slows or margins compress High stock price volatility ( beta of 4.2) may deter risk - averse investors Recent EPS revisions trend negative with 1 downward revision in past 90 days and no upward revisions Still building market position in competitive AI cloud space against established players with greater resources Weaknesses Expanding AI compute demand with persistent industry - wide infrastructure shortages creates favorable supply - demand dynamics Ability to rapidly convert Bitcoin mining capacity to higher - value AI workloads as opportunities arise Potential to expand service offerings beyond bare metal to include more software layers for enterprise customers Geographic diversification across multiple power markets provides resilience and expansion flexibility Rising adoption of liquid cooling technology for next - generation GPUs plays to IREN ' s technical capabilities and infrastructure design Increasing enterprise AI adoption could expand the customer base beyond current AI specialists and hyperscalers Strategic partnerships or acquisition opportunities in complementary technology areas Opportunities Bitcoin price volatility could impact cash flows from mining operations that support AI infrastructure expansion Increasing competition in AI cloud services from both established hyperscalers and well - funded startups Regulatory changes affecting either cryptocurrency mining or AI data center operations Potential supply chain disruptions impacting timely delivery of GPUs and data center equipment Macroeconomic factors including interest rate changes that could affect capital availability or demand for AI services Technological changes that could render current infrastructure investments less competitive or require additional capital expenditure Energy price volatility or regulatory changes affecting power costs at key operational locations Threats page 8 /11 IREN Ltd ( NASDAQ : IREN ) Pro Research Earnings Call - Q 4 2025 08/28/25 FY 25 was a breakout year with 10 x EBITDA growth YoY , record revenue of $ 187 M , and strong net income of $ 177 M AI cloud business scaling rapidly with 10,000+ GPUs being commissioned , targeting $ 200-250 M annualized revenue by Dec '25. Bitcoin mining platform generates ~ $ 1 B in annualized revenue at current economics while continuing to fund AI expansion Company secured two tranches of single - digit interest rate GPU financing covering 100% of purchase price IREN has positioned itself as a vertically integrated provider across the full AI infrastructure stack from transmission lines to compute Bullish Highlights Secured NVIDIA preferred partner status , enhancing GPU supply access and customer pipeline development Commenced early works and procurement for Horizon 2, a second 50 MW liquid - cooled facility at Childress Added full Tier 3 equivalent redundancy across critical power and cooling systems at Horizon 1. British Columbia facilities provide capacity for 60,000+ NVIDIA GB 300 s , creating substantial runway for AI cloud growth Vertical integration eliminates third - party colocation fees from cost structure , enhancing margins versus competitors Bearish Highlights Company displaced approximately 1 exahash of Bitcoin mining capacity to make room for AI cloud expansion JPMorgan downgraded IREN from Neutral to Underweight with a $ 24 price target Competition increasing in AI cloud space , with management acknowledging market dynamics changing week to week Cloud deployments primarily focused on bare metal services , with limited software layer differentiation from competitors Some specifications at Horizon 1 had to be reconfigured to accommodate lower rack densities than initially designed Q & A Highlights Management confirmed AI cloud contracts range from 1- month rolling to 3- year terms , with newer generation equipment typically securing longer contracts IREN finds cloud services more compelling than colocation due to shorter payback periods (2 years for GPUs vs . 7+ years for colocation ). British Columbia facilities operate at impressive PUE of 1.1 for air - cooled operations ; liquid cooling expected to maintain efficiency under 1.2 PUE Company sees its operational expertise in high - density computing as an advantage rather than conflict when pursuing colocation deals Management noted industry demand for immediate compute capacity , stating " The world wants on - demand compute ... and wants it now ." Misses No specific revenue or earnings misses reported in the earnings call Some initial design specifications for Horizon 1 had to be adjusted as they were too dense for current market requirements No guidance provided on expected margins for AI cloud services relative to Bitcoin mining operations Limited details on potential margin compression as AI cloud competition intensifies No specific metrics shared on customer acquisition costs or churn rates for cloud services page 9 /11 IREN Ltd ( NASDAQ : IREN ) Pro Research Top News , last 60 days : IREN closes $ 1 billion convertible notes offering with 0% coupon October 14, 2025 Bitcoin mining and AI data center operator IREN Limited ( NASDAQ : IREN ) closed its offering of $ 1 billion in convertible senior notes due 2031 on Tuesday , October 14, 2025. The zerocoupon notes were sold to qualified institutional buyers with a 42.5% conversion premium , and the initial purchasers fully exercised their option to purchase an additional $ 125 million beyond the original $ 875 million offering IREN received approximately $ 979 million in net proceeds after deducting expenses and allocated $ 56.7 million to fund capped call transactions with financial institutions The capped call arrangements have an initial cap price of $ 120.18 per share (100% premium over October 8' s closing price ) and are expected to reduce potential dilution upon conversion IREN ' s stock has surged over 550% yeartodate with a current market capitalization of $ 17.4 billion and revenue growth of 167.65% in the last twelve months Importance - 7/10 Positive IREN signs new AI cloud contracts with NVIDIA Blackwell GPU deployments October 07, 2025 IREN Limited announced on Tuesday , 20251007, that it has secured additional multiyear cloud services contracts with AI companies for NVIDIA Blackwell GPU deployments IREN ' s stock has shown a 591% return over the past year and is currently trading near its 52 week high of $ 58.28. The company remains on track to achieve over $ 500 million in annualized runrate revenue from its 23,000 GPUs by the end of Q 1 2026. Customer contracts have been secured for 11,000 GPUs , representing approximately $ 225 million in AI Cloud annualized revenue , expected to be operational by the end of 2025. New NVIDIA Blackwell GPUs are being contracted ahead of delivery with an average term of 2 years , at pricing that supports roughly 2 year revenue payback IREN ' s British Columbia campuses and Childress data centers under construction provide capacity for more than 100,000 GPUs JPMorgan downgraded IREN from Neutral to Underweight with a price target of $ 24, while other firms including Compass Point , Bernstein , and Roth / MKM raised their price targets to $ 50, $ 75, and $ 82 respectively Importance - 7/10 Positive IREN secures $ 225 M in AI cloud contracts for NVIDIA Blackwell GPUs October 07, 2025 IREN Limited announced it has signed additional multiyear cloud services contracts with AI companies for NVIDIA Blackwell GPU deployments The company has secured customer contracts for 11,000 of its 23,000 GPUs , representing approximately $ 225 million in AI Cloud annualized runrate revenue expected to be operational by the end of 2025. IREN remains on track to achieve over $ 500 million in annualized runrate revenue from the 23,000 GPUs by the end of Q 1 2026. New NVIDIA Blackwell GPUs are being contracted ahead of delivery on an average term of two years , at pricing supporting approximately a twoyear revenue payback period The company ' s British Columbia campuses and Childress data centers under construction provide capacity for more than 100,000 GPUs , with a 2,910 megawatt secured power and land portfolio Importance - 7/10 Positive Compass Point raises IREN Ltd price target to $ 50 on AI Cloud expansion September 29, 2025 Compass Point analysts raised the price target on IREN Ltd . ( IREN ) to $ 50.00 ( from $ 23.00) while maintaining a Buy rating On Sunday , September 22, 2025, IREN procured 12,400 additional accelerators , doubling its AI Cloud fleet to approximately 23,000 GPUs , which is 12 x yearoveryear IREN is targeting over $ 500 M AI Cloud ARR by calendar 1 Q 26, implying roughly $ 22 k per GPUyear and revenue intensity exceeding $ 10 M per MW per year versus $ 2 M per MW for colocation The company plans to energize the first 50 MW IT of directtochip , liquidcooled capacity at Horizon 1 ( Childress , TX ) in calendar 4 Q 25, with Sweetwater 1 (1.4 GW ) slated for April 2026. Analysts expect a commissioningdriven revenue ramp and rising ARR mix , with highdensity compute capacity projected to remain supply constrained for several years Importance - 7/10 Positive page 10 /11 IREN Ltd ( NASDAQ : IREN ) Pro Research Bernstein raises Iren stock price target to $ 75 on AI cloud expansion September 24, 2025 Bernstein SocGen Group has raised its price target on Iren Ltd . ( NASDAQ : IREN ) to $ 75.00 from $ 20.00 while maintaining an Outperform rating , citing the company ' s expansion into AI cloud services According to InvestingPro data , IREN has achieved a 325% return yeartodate , with the stock currently trading near its 52 week high at $ 47.10. Iren is building its own AI cloud vertical with substantial capital expenditure , unlike competitors pursuing capitallight colocation deals The company projects an exponential scaleup in its AI cloud business to a $ 500 million annual recurring revenue by Q 1 2026 with 23,300 GPUs , compared to approximately $ 14 million ARR in Q 1 2025. Iris Energy announced doubling its GPU count to 23,000 units by purchasing an additional 12,400 GPUs from NVIDIA and AMD at a cost of approximately $ 674 million Importance - 7/10 Positive IREN doubles AI cloud capacity with $ 674 million GPU purchase September 22, 2025 Cryptocurrency and AI infrastructure company IREN Limited announced on Monday , 20250922 it has doubled its AI Cloud capacity to approximately 23,000 GPUs following the procurement of an additional 12,400 graphics processing units at a cost of about $ 674 million The expanded fleet includes 7,100 NVIDIA B 300 s , 4,200 NVIDIA B 200 s and 1,100 AMD MI 350 Xs , with deliveries scheduled over the coming months at the company ' s Prince George campus in British Columbia IREN is targeting more than $ 500 million in AI Cloud annualized runrate revenue by the first quarter of 2026, with its British Columbia facilities capable of supporting more than 60,000 Blackwell GPUs The company currently has a market value of $ 10.51 billion , trading near its 52 week high of $ 39.87, and has demonstrated 293.48% return yeartodate Several analysts have recently adjusted price targets : H C Wainwright raised from $ 21 to $ 36, Canaccord Genuity increased to $ 42, Macquarie raised to $ 33, while Jones Trading downgraded from Buy to Hold Importance - 7/10 Positive Disclaimer This Investing.com Pro Research Report (the " Report ") is a summary report provided to you for general informational purposes only, and should not be considered as investment, legal, tax, accounting or other advice. Investing.com is not a licensed securities dealer, broker, investment adviser, financial service provider or investment bank and we urge you to consult a licensed broker, investment advisor or other appropriate advisor before making any investment. This information does not represent a recommendation to buy or sell any stock or other financial instrument, nor does it reflect the views of Investing.com or its employees. NEITHER INVESTING.COM, NOR ANY OF ITS AFFILIATES AND THEIR RESPECTIVE OFFICERS, EMPLOYEES OR SERVICE PROVIDERS, TAKE ANY RESPONSIBILITY FOR THE RESULTS OF ANY INVESTMENT MADE BY YOU BASED ON THE INFORMATION PROVIDED IN THE REPORT, AND YOU ALONE ASSUME SOLE RESPONSIBILITY FOR ANY SUCH INVESTMENT. Information included in this Report is provided to us by third party suppliers, and was not independently verified by Investing.com. The Report is based on the most recent data available to us, such as quarterly/annual financial reports of the company, but may not necessarily be the most recent data publicly available. The information included is not real-time data. Certain Portions of this Report are generated by artificial intelligence tools. THE INFORMATION HEREIN IS PROVIDED "AS IS" AND WE DO NOT GUARANTEE OR REPRESENT THAT THE INFORMATION HEREIN IS ACCURATE, COMPLETE, RELIABLE, SUITABLE FOR ANY SPECIFIC PURPOSE. The information included herein is solely indicative and should not be relied on for trading purposes. It is prohibited to reproduce, publish, display, modify, transmit or distribute the data contained above without our explicit prior written permission. The Report is provided for your personal use only, and is not to be shared with others. All intellectual property rights in the Report are reserved by Investing.com or its third party providers. page 11 /11