Nvidia's Preferred Partner IREN Ltd. Sets New Record High

IREN Ltd. (NASDAQ:IREN) soared to a new record high for the third consecutive day, increasing 9.93% to $29.11 per share. The company joined Nvidia Corp.'s preferred partners list, marking a vote of confidence among investors. IREN Ltd. also reported a stellar earnings performance in Q2 2025, with net income of $86.9 million and total revenues of $501 million, a 167.6% increase from the previous year.

IREN Ltd. (NASDAQ:IREN) has continued its impressive streak, reaching a new record high for the third consecutive day, increasing 9.93% to $29.11 per share. The company's stock surge comes on the heels of joining Nvidia Corp.'s preferred partners list, a significant vote of confidence from investors. Additionally, IREN Ltd. reported a stellar earnings performance in Q2 2025, with net income of $86.9 million and total revenues of $501 million, a 167.6% increase from the previous year [1].

The company's transformation from a struggling Bitcoin miner to a major AI infrastructure provider has been nothing short of remarkable. IREN Ltd.'s strategic partnership with Nvidia, securing Preferred Partner status and a $168 million GPU purchase, has been a key driver of this growth. This deal includes 1,200 B300 chips and 1,200 GB300s featuring cutting-edge Blackwell architecture, expanding Iren’s GPU fleet to 10,900 units by December 2025 [1].

The AI cloud services revenue has exploded, jumping 429% to $16.4 million, with projections for $200-250 million in annual AI cloud revenue once the full GPU deployment is complete. The Preferred Partner designation ensures GPU allocation in today's supply-constrained market, positioning Iren perfectly for continued AI infrastructure demand [1].

Operating data center capacity has also seen significant expansion, tripling to 810 megawatts in fiscal 2025. The company's power costs average just $0.033 per kilowatt-hour, among the lowest globally, providing substantial competitive advantages in power-intensive AI computing. Upcoming data centers, such as Horizon 1 and Sweetwater 2, further establish IREN as a key player in AI infrastructure [1].

Despite trading at 31 times forward earnings, the valuation appears reasonable given triple-digit growth rates. Bitcoin mining still generates $484.6 million in revenue, providing stable cash flow during the AI transition. Iren arranged non-dilutive financing covering 100% of GPU hardware costs through 36-month leases, enabling rapid expansion without shareholder dilution [1].

Analysts remain bullish on IREN Ltd., with 12 analysts maintaining a "Buy" consensus rating and an average price target of $17.78. The "Moderate Buy" rating reflects confidence in IREN’s operational execution and long-term potential [2].

IREN Ltd.'s transformation into a diversified growth story is evident in its Q2 2025 earnings report. The company's ability to meet its GPU expansion targets and the timing of new data center deployments will be crucial to sustaining this growth trajectory. Investors should closely monitor these developments.

References:
[1] https://parameter.io/iren-limited-iren-stock-how-nvidia-partnership-turned-mining-company-into-ai-winner/
[2] https://www.ainvest.com/news/iren-limited-fy2025-earnings-performance-strategic-momentum-deep-dive-record-revenue-future-catalysts-2508/