Why IREN Limited Skyrocketed 285% in 2025

Core Insights - IREN Limited's shares surged by 284.6% in 2025, transitioning from a small Bitcoin miner to a prominent AI neocloud provider after launching its AI platform and securing major customers [1][7] Company Developments - IREN began as a Bitcoin miner in 2019 but strategically invested in grid-connected, renewable energy data centers, recognizing their long-term value [3] - The company operates three data centers in British Columbia, Canada, with a total capacity of 160 megawatts (MW) and has acquired an additional 2.75 gigawatts (GW) of land in Texas [4] - IREN's position as a preferred partner to Nvidia allows it to significantly increase its GPU inventory from 1,900 to 10,900 by the end of 2025 [6] Industry Context - The demand for AI compute resources is surging, with IREN's renewable energy assets becoming increasingly valuable as other neoclouds face power supply challenges [2][5] - Oracle's announcement of a 359% increase in its cloud backlog, largely due to a contract with OpenAI, highlights the growing demand for AI capabilities in the industry [8]