IREN Ltd. Reaches New All-Time High Amid AI Deal Surge

IREN Ltd. (NASDAQ:IREN) reached a new all-time high of $58.28 on Monday, driven by a supply deal between OpenAI and AMD, and the company's own expansion into AI servicing through its cloud business. Bernstein upgraded IREN to "overweight" with a $75 price target, citing its differentiated approach among Bitcoin miners. IREN's AI infrastructure development and potential for higher returns make it a promising investment.

IREN Limited (NASDAQ:IREN) has recently secured additional multi-year cloud services contracts with leading AI companies for NVIDIA Blackwell GPU deployments. The company's strategic expansion into AI cloud services has driven its stock price to a new all-time high of $58.28 on Monday, September 12, 2025. Bernstein analyst Gautam Chhugani upgraded IREN to "overweight" with a $75 price target, citing the company's differentiated approach among Bitcoin miners and its potential for higher returns Bernstein Maintains Bullish Stance on IREN Limited (NASDAQ:IREN) Stock^[2].

IREN Limited, formerly known as Iris Energy Limited, is an Australia-based company that owns and operates data centers powered by 100% renewable energy. Its facilities are optimized for Bitcoin mining, artificial intelligence (AI) cloud services, and other power-dense compute. The company has expanded its AI Cloud capacity and is on track to achieve an annualized run-rate revenue (ARR) of over $500 million by the end of the first quarter of 2026. To date, customer contracts have been secured for 11,000 of the 23,000 GPUs, representing approximately $225 million in AI Cloud ARR, expected to be in operation by the end of 2025 IREN Limited Secures New Multi-Year AI Cloud Contracts^[1].

The new NVIDIA Blackwell GPUs continue to be contracted ahead of delivery on an average term of two years, at pricing that supports a two-year revenue payback. Beyond the initial 23,000 GPUs, IREN is actively engaging with existing and prospective customers through site tours, technical diligence, and commercial negotiations. The British Columbia campuses, together with the Horizon 1 & 2 data centers under construction in Childress, provide capacity for more than 100,000 GPUs. Additionally, IREN's 2,910 MW secured power and land portfolio offers significant expansion potential, which is also the subject of ongoing customer discussions IREN Limited Secures New Multi-Year AI Cloud Contracts^[1].

Bernstein's upgrade to "overweight" reflects the company's strategic advancements and growth potential. IREN's flexibility in scaling Bitcoin mining operations and shifting strategies to maximize returns from its power portfolio further cements its position. While certain AI stocks may offer greater upside potential and carry less downside risk, IREN's differentiated approach and potential for higher returns make it a promising investment Bernstein Maintains Bullish Stance on IREN Limited (NASDAQ:IREN) Stock^[2].