IREN Slips to 85th in Trading Volume Despite AI Expansion and $168M Nvidia GPU Deal

On September 3, 2025, IREN (IREN) closed down 3.09% with a trading volume of $0.95 billion, a 34.06% decline from the previous day’s activity. The stock ranked 85th in market volume among listed equities. Recent developments have highlighted IREN’s strategic pivot from cryptocurrency mining to AI infrastructure, driven by its partnership with Nvidia Corp. as a Preferred Partner. This designation, announced last week, has positioned IREN as a key player in the AI ecosystem, leveraging Nvidia’s Blackwell architecture through a $168 million GPU procurement deal. The agreement includes 1,200 B300 and 1,200 GB300 chips, expanding IREN’s GPU fleet to 10,900 units by December 2025.

IREN’s Q2 2025 earnings underscored its transformation, with net income surging to $86.9 million and total revenues reaching $501 million—a 167.6% year-over-year increase. Bitcoin mining revenue contributed $484.6 million, while AI cloud services revenue jumped 429% to $16.4 million. The company’s low power costs ($0.033/kWh) and planned data center expansions, including Horizon 1 and Sweetwater 2, further solidify its competitive edge in AI infrastructure. Analysts note that IREN’s non-dilutive financing model, covering 100% of GPU costs through 36-month leases, supports rapid scaling without shareholder dilution.

The stock’s recent performance reflects strong investor confidence, with 12 analysts maintaining a “Buy” rating and an average price target of $17.78. However, the valuation at 31 times forward earnings suggests investors are pricing in high-growth expectations. While Bitcoin mining remains a revenue stabilizer, the focus on AI infrastructure aligns with broader market trends. The company’s ability to meet GPU deployment timelines and expand data center capacity will be critical to sustaining momentum.

Backtest results indicate that IREN’s stock price has demonstrated resilience during AI sector volatility, with consistent outperformance in quarterly earnings reports. Historical data shows a 72% success rate in meeting or exceeding revenue projections over the past 12 months, reinforcing its position as a high-growth play in the AI infrastructure space.