Canaccord Genuity Remains Bullish on IREN Limited (IREN) Following Q3 2025 Results

Core Viewpoint - IREN Limited (NASDAQ:IREN) is positioned as a strong investment opportunity in the crypto-related stock sector, particularly due to its GPU cloud contract with Microsoft and significant revenue growth [2][3]. Financial Performance - For Q3 2025, IREN Limited reported revenue of $240.3 million, reflecting a 28% sequential increase and a 355% year-over-year growth [3]. - The adjusted EBITDA for the same quarter was $91.7 million, marking a staggering 3,568% increase year-over-year [3]. Growth Drivers - Canaccord Genuity raised its price target for IREN Limited from $42 to $70, citing the Microsoft GPU cloud contract as a key growth driver [2]. - The Microsoft deal has the potential to generate $1.94 billion in annual recurring revenue once GPU expansion is completed [3]. Expansion Plans - IREN Limited plans to expand its GPU infrastructure from 23,000 GPUs to 140,000 by the end of 2026, with Microsoft partially funding capital expenditures through a 20% upfront prepayment [4]. - The company has secured $400 million in additional funding for this expansion [4]. Competitive Advantage - IREN Limited's vertically integrated model allows it to control the entire stack from substations to GPUs, reducing reliance on third-party providers [4]. - The company's Horizon platform is designed to support future GPU generations and scalable AI infrastructure [5].