IREN Limited (NASDAQ:IREN) is one of the best performing ASX stocks in 2025. On September 22, the company said it had doubled its GPU fleet to 23,000 units after acquiring 12,400 more GPUs for about $674 million. The expanded fleet now includes a mix of NVIDIA H100s & H200s (1,900), NVIDIA B200s & B300s (19,100), NVIDIA GB300s (1,200), and AMD MI350Xs (1,100). IREN (IREN) Doubles GPU Fleet to 23,000, Raises Revenue Target IREN raised its annualized run-rate revenue (ARR) target for its AI Cloud segment t ...

Core Insights - IREN Limited has doubled its AI cloud capacity to 23,000 GPUs through the acquisition of an additional 12,400 GPUs for approximately $674 million, expecting to achieve $500 million in AI Cloud annualized run-rate revenue by Q1 fiscal 2026 [1][10] AI Cloud Expansion - The company is rapidly expanding its AI cloud business, with over 10,000 GPUs online or set to be commissioned soon, including next-generation liquid-cooled GB300 NVL72 systems from NVIDIA [3] - IREN is on track to install more than 60,000 NVIDIA Blackwell GPUs at its British Columbia sites, transitioning from bitcoin mining to AI, including a new liquid-cooled data center for GB300 NVL72 installations [4] Financial Performance - IREN is projected to achieve $1.25 billion in annualized revenues by December 2025, with approximately $1 billion from bitcoin mining and $200-$250 million from AI Cloud [4] - The company's shares have appreciated 314.5% year to date, significantly outperforming the broader Zacks Finance sector's return of 14.9% and the Zacks Financial Miscellaneous Services industry's 9.7% [8][10] Competitive Landscape - IREN faces strong competition in the bitcoin mining market from companies like Strategy (MSTR) and CleanSpark (CLSK) [5] - Strategy has reported a bitcoin yield of 19.7% at the end of Q2 2025, with expectations to reach 30% and $20 billion in gains if bitcoin prices hit $150,000 by year-end [6] - CleanSpark produced 2,012 bitcoins in Q3 2025, a 28% year-over-year increase, with an average revenue per bitcoin of $99,000, reflecting a 50% year-over-year increase [7] Valuation Metrics - IREN's stock is trading at a premium, with a price/cash flow ratio of 4.82X compared to the industry's 3.81X, and it has a Value Score of F [12] - The Zacks Consensus Estimate for fiscal 2026 earnings is $1.08 per share, unchanged over the past week, while the company reported earnings of 4 cents per share in fiscal 2025 [14]

IREN (IREN) jumped 11% in pre-market trading to $43 after the company announced it has doubled its AI Cloud capacity to 23,000 GPUs, lifting its annualized run-rate revenue target to more than $500 million by Q1 of 2026. The company invested about $674 million in 7,100 NVIDIA B300s, 4,200 NVIDIA B200s and 1,100 AMD MI350Xs. Deliveries will be staged over the coming months at IREN’s Prince George campus, which alongside Texas facilities, can eventually host over 60,000 Blackwell GPUs. The expanded fleet no ...

NEW YORK, Sept. 22, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced it has doubled its AI Cloud capacity to 23k GPUs following the procurement of an additional 12.4k GPUs, and is now targeting more than $500m in AI Cloud annualized run-rate revenue (ARR) by Q1 2026.1 To meet rising demand, IREN has purchased 7.1k NVIDIA B300s, 4.2k NVIDIA B200s and 1.1k AMD MI350Xs for approximately $674m.2 The order reflects a growing trend of customers contracting capacity ahead of delivery, ...