NVIDIA Preferred Partner IREN Ltd. Sets New Record High Amid Stellar Earnings and Expanding GPU Fleet

IREN Ltd. (IREN) hit a new all-time high after reporting stellar earnings and being added to Nvidia Corp.'s list of preferred partners. The company swung to profitability with $86.9 million in net income for FY25, reversing a $28.9 million net loss a year earlier. Revenues expanded by 167.6% to $501 million, with Bitcoin mining contributing the largest chunk. IREN also secured a Preferred Partner status from Nvidia Corp. following the procurement of 1,200 air-cooled B300 chips and 1,200 GB300s for approximately $168 million.

IREN Ltd. (NASDAQ: IREN) reached a new all-time high following the release of its fiscal year 2025 earnings report and the announcement of its Preferred Partner status with Nvidia Corp. The company reported a significant turnaround in financial performance, swinging to profitability with $86.9 million in net income, reversing a $28.9 million net loss a year earlier [1]. Revenues expanded by 167.6% to $501 million, with Bitcoin mining contributing the largest chunk, at $484.6 million, a 163% increase year-over-year [1].

In addition to its impressive earnings, IREN secured a Preferred Partner status from Nvidia Corp. after procuring 1,200 air-cooled B300 chips and 1,200 GB300s for approximately $168 million. This investment expanded IREN's GPU fleet to 10,900 NVIDIA GPUs, bolstering its competitive edge in AI infrastructure [1].

The company's strategic pivot towards AI cloud services is facilitated by its unique business model, leveraging low-cost renewable energy for Bitcoin mining operations. This positions IREN as a key player in the rapidly growing AI infrastructure market, which is expected to grow from $244 billion to $1 trillion by 2031 [2].

IREN's Q4 adjusted EBITDA surpassed expectations, reaching $121.9 million, while Bitcoin mining revenue surged 233% to $180.3 million, just shy of analyst estimates [2]. The company is on track to achieve nearly $1.25 billion in total annualized revenue, with over $1 billion expected to come from Bitcoin mining and $200-$250 million from AI cloud services by December 2025 [2].

Analysts are bullish on IREN's prospects. Darren Aftahi of Roth believes the company has more room to run, citing its flexibility across its 3GW+ power portfolio and ability to meet demand where it is most pronounced [2]. The company's recent GPU purchases and demonstrations have built enough credibility in AI computing that customers may prefer IREN to manage the full package—hardware, software, and data center infrastructure—rather than relying on a separate middleman [2].

IREN's strategic momentum is further underscored by its upcoming Horizon 1 and Sweetwater 1 data centers, plus 2,910MW of contracted power, positioning it for scalable expansion [1]. Despite a slight revenue miss in Q4 2025, the company's profitability and strategic investments suggest a compelling risk-reward profile. Investors should monitor the company's ability to meet its GPU expansion targets and the timing of new data center deployments, which could further accelerate revenue streams.

References:
[1] https://finance.yahoo.com/news/iren-ltd-iren-soars-28-175509738.html
[2] https://www.ainvest.com/news/iren-stock-sees-15-surge-q4-earnings-beat-nvidia-partnership-strong-bitcoin-mining-revenue-2508/