IREN Limited (IREN) is experiencing a significant surge in its stock price, continuing a recent upward trend. The data center infrastructure provider witnessed its shares climb over 15% at the close of trading on Tuesday, making it one of the top gainers of the day. Year-to-date, IREN's stock has skyrocketed by over 200%, demonstrating remarkable growth.
This boost follows comments from Daniel Roberts, the company’s co-founder and co-CEO, who highlighted the accelerating demand for IREN's AI Cloud services. Roberts also announced that the company is gearing up to receive more than 9,000 Blackwell graphics processing units (GPUs) from Nvidia (NVDA) in the coming months. These GPUs will be instrumental in expanding IREN's artificial intelligence-powered cloud business.
Nvidia Partnership and Expansion Plans
IREN's recent admission into the Nvidia Preferred Partner Program grants the company priority access to Nvidia's latest GPU technology. As part of its expansion strategy, the Sydney-based company intends to install the incoming GPUs at its facility in Prince George, British Columbia, Canada. This location is currently undergoing construction to accommodate Nvidia’s GB300 NVL72 systems, which are high-end, liquid-cooled AI servers built around the powerful Blackwell GB300 GPU.
Financial Performance and Bitcoin Mining
Despite missing Wall Street's revenue projections for its most recent quarter, IREN's stock continues to rally. In its fiscal fourth-quarter 2025 results, the company reported $187.3 million in revenue, slightly below the estimated $188.91 million. Notably, IREN, which also engages in Bitcoin mining, reported a net income of $176.9 million during the quarter, a significant achievement for a company that often reports net losses.
IREN is actively expanding its AI Cloud server business with plans to incorporate 10,900 Nvidia GPUs, with over 80% of them being the advanced Blackwell models. Interestingly, the company mined fewer Bitcoins in August, indicating a potential shift in focus towards its AI cloud offerings.
- AI Cloud demand is accelerating.
- Over 9,000 Nvidia Blackwell GPUs are on the way.
- Expansion plans in Prince George, British Columbia.