We recently published 10 Hot Stocks Sparking Buying Frenzy. IREN Ltd. (NASDAQ:IREN) is one of the best performers on Tuesday. IREN Ltd. extended its winning streak to a third straight day on Tuesday to hit a new all-time high, as investor sentiment was fueled by newly inked cloud supply deals, while hinting at more to come. In intra-day trading, IREN Ltd. (NASDAQ:IREN) soared to another all-time high of $63.40 before paring gains to end the day just up by 6.81 percent at $61.68 apiece. IREN (IREN) Touch ...

智通财经APP获悉，周三，IREN Ltd(IREN.US)股价走低，截至发稿，该股跌超6.4%，报57.7美元。消 息面上，该公司宣布其有意根据市场及其他条件，向认为符合资格的机构买家进行私人配售，计划发行 总额为8.75亿美元的2031年到期可转换高级票据。IREN Ltd主要从事与数据中心及加密货币挖矿相关的 业务。公司运营可再生能源驱动的数据中心基础设施，拥有电力、冷却设施、硬件部署等一体化架构。 该股股价在今年飞涨，今年至今累积涨幅超490%。 ...

Core Viewpoint - IREN Limited plans to offer $875 million in convertible senior notes due 2031, with an option for an additional $125 million, aimed at qualified institutional buyers under Rule 144A of the Securities Act [1] Summary by Sections Description of Notes - The notes will be senior, unsecured obligations of IREN, accruing interest payable semi-annually and maturing on July 1, 2031, with conversion rights for noteholders under specific conditions [2] - IREN will have the option to redeem the notes starting January 8, 2029, if certain conditions regarding the share price are met [3] Corporate Events and Repurchase Rights - In the event of a "fundamental change," noteholders may require IREN to repurchase their notes for cash at the principal amount plus accrued interest [4] Use of Proceeds - A portion of the net proceeds will fund capped call transactions, with the remainder allocated for general corporate purposes and working capital [5] Capped Call Transactions - IREN plans to enter capped call transactions to mitigate potential dilution from note conversions, with adjustments based on market conditions [6][7] - The capped call transactions will be cash settled until IREN receives shareholder approval for share repurchases [7] Market Activity and Impact - Initial hedging activities related to the capped call transactions may influence the market price of IREN's ordinary shares [9] - Option counterparties may adjust their hedge positions, potentially affecting the market price of IREN's shares and the conversion process for noteholders [10] Company Overview - IREN is a leading developer and operator of next-generation data centers, focusing on Bitcoin mining, AI cloud services, and utilizing 100% renewable energy [15]

Core Insights - IREN Limited has announced multi-year agreements with major AI companies deploying NVIDIA's Blackwell GPUs, indicating strong demand for its services [1][2] - The AI Cloud division is projected to exceed $500 million in annual recurring revenue by 2026, supported by a fleet of 23,000 GPUs [2][5] - The company has secured commitments for approximately 11,000 GPUs, translating to about $225 million in annualized cloud revenue expected by the end of 2025 [2] Contract Details - The NVIDIA Blackwell GPUs are leased on two-year contracts, allowing IREN to recover its investment within that period [3] - IREN is actively hosting demonstrations and technical evaluations with potential clients beyond the initial GPU deployment [3] Infrastructure Expansion - IREN's facilities in British Columbia and the under-construction Horizon 1 and Horizon 2 in Texas will support over 100,000 GPUs upon completion [4] - The company has a secured energy portfolio of 2,910 megawatts, providing capacity for large-scale AI infrastructure growth [4][5] Market Position - IREN shares were down 3.36% at $55.81, close to its 52-week high of $58.28, reflecting significant volatility and investor interest [6][7] - With a market cap of $15.18 billion and a P/E ratio over 148, the company is positioned in the high-growth software segment, despite not offering dividends [7]

Core Viewpoint - IREN Limited has signed additional multi-year cloud service contracts with several AI companies, involving the deployment of NVIDIA's Blackwell series GPUs, which has positively impacted its stock price in pre-market trading [1] Group 1: Company Developments - IREN has expanded its AI cloud service capacity and is on track to deploy a total of 23,000 GPUs by the end of Q1 2026, with an expected annual operating revenue exceeding $500 million [1] - Out of the 23,000 GPUs, 11,000 have secured customer contracts, corresponding to an annual recurring revenue (ARR) of approximately $225 million, with these GPUs expected to be operational by the end of 2025 [1] - Two weeks prior, IREN announced an investment of approximately $670 million to procure GPUs from NVIDIA and AMD to accelerate its AI cloud business growth [1] Group 2: Financial Impact - The recent GPU procurement includes 7,100 NVIDIA B300 GPUs, 4,200 NVIDIA B200 GPUs, and 1,100 AMD MI350X GPUs, totaling around $674 million, which has increased the total installed GPU capacity to approximately 23,000 units [1] - Following the announcement of the GPU procurement, IREN's stock price surged over 10% [1]

Core Viewpoint - IREN Ltd. (NASDAQ:IREN) has experienced significant stock performance due to increased investor interest in artificial intelligence (AI) stocks, particularly following a supply deal between OpenAI and Advanced Micro Devices Inc. (AMD) [1][2][4]. Group 1: Stock Performance - IREN Ltd. reached a record high of $58.28 during intra-day trading, ultimately closing up 14.45% at $57.75 [2]. - The stock's surge is attributed to the broader trend of investment in AI, driven by aggressive deal-making in the sector [1][4]. Group 2: Strategic Developments - AMD announced a definitive agreement to supply OpenAI with 6 gigawatts of Instinct GPUs, with the first gigawatt expected to be deployed in the second half of 2026 [3]. - OpenAI's expansion efforts have created optimism for companies like IREN Ltd., which is transitioning from Bitcoin mining to AI services by expanding its cloud business [4]. Group 3: Analyst Ratings - IREN Ltd. received an "overweight" rating and a new price target of $75 from Bernstein, representing a 275% increase from the previous target of $20 [4][5]. - The upgrade highlights IREN's unique approach in developing its own AI infrastructure, contrasting with competitors that are pursuing capital-light co-location deals [5].

Core Insights - IREN Limited is on track to achieve over $500 million in annualized run-rate revenue (ARR) from its AI Cloud services by the end of Q1 2026, supported by 23,000 NVIDIA Blackwell GPUs [1][9] - The company has secured contracts for 11,000 of the 23,000 GPUs, translating to approximately $225 million in AI Cloud ARR expected to be operational by the end of 2025 [2][9] - IREN is expanding its AI Cloud capacity and engaging with customers for further GPU deployments, with a total capacity potential exceeding 100,000 GPUs across its facilities [3][4] Company Operations - IREN operates next-generation data centers powered by 100% renewable energy, strategically located in regions rich in renewable resources and fiber connectivity [5] - The company has a secured power and land portfolio of 2,910 MW across more than 2,000 acres in the U.S. and Canada, with additional multi-gigawatt development plans [6] - IREN's data centers support three verticals: Bitcoin mining, AI Cloud services, and AI data centers, with a focus on high-performance computing applications [6] Future Outlook - The company is positioned to meet the increasing demand for AI compute, with nearly 3 GW of grid-connected power and ongoing construction of data centers [4] - IREN plans to transition to a standardized reporting process consistent with industry peers, discontinuing monthly operating updates [4]

Group 1 - IREN Limited's stock has increased by over 370% since the beginning of 2025, with market capitalization rising from approximately $2.2 billion to about $12.8 billion [1] - The author of the article is a seasoned consulting specialist at a leading Central Asian bank, bringing five years of experience in delivering strategic insights and analysis [1] - Novo Capital was created to discuss investment ideas and gain "alpha" through out-of-consensus information [1] Group 2 - The analyst has no current stock or derivative positions in any mentioned companies but may initiate a long position in IREN within the next 72 hours [1]

Core Insights - IREN Limited's shares surged by 77.2% in September, driven by increased projections for AI computing demand and the company's strategic positioning in the AI cloud market [2][3]. Company Performance - IREN, transitioning from Bitcoin mining to a "neocloud" model, reported its fiscal fourth-quarter results at the end of August, achieving Nvidia's "preferred partner" status, which positively impacted its stock [3]. - The company announced a doubling of its GPU supply in September, leading to an increase in its revenue projections for the end of the year [4][9]. Revenue and Forecasts - IREN's revenue from its AI cloud data center business was $2.4 million in August, a slight increase from $2.3 million in July, but the company expects this to grow by 8 to 10 times by December [5][6]. - Following significant announcements from Oracle and Nvidia regarding AI computing investments, IREN raised its AI cloud annualized revenue run-rate guidance to $500 million by January, up from a previous forecast of $250 million [7][9]. Market Demand - The demand for AI computing is underscored by Oracle's $455 billion future performance obligations and Nvidia's $100 billion investment in OpenAI, indicating a potential supply tightness for AI chips and power [7][8]. - IREN's existing power capacity of 2.91 GW, along with an additional 750 megawatts contracted, positions the company to meet the high demand for AI computing resources [8].

The AI neocloud rallied as today's OpenAI-AMD deal encouraged investors over insatiable AI computing demand.Shares of Iren Limited (IREN 14.84%) rallied 11.2% on Monday, as of 12:23 p.m. ET.Iren is one of several former Bitcoin miners with established GPU-filled data centers currently converting its data center fleet to become an artificial intelligence (AI) neocloud.Today, another massive deal between OpenAI and the semiconductor ecosystem increased everyone's estimates for the computing demand over the ne ...