Iren vs. Applied Digital: Iren's Vertically Integrated Business Model Sets It Apart

Iren and Applied Digital are leading data center builders that signed large deals with hyperscalers in 2025. Iren's vertically integrated business model is expected to drive sustained long-term earnings growth, with analysts predicting a 175% increase in earnings per share this year. In contrast, Applied Digital is expected to report a loss. Iren's control of land, electrical infrastructure, and GPUs allows it to better control costs and scale its data center build-out more rapidly.