Iren Limited is shifting from Bitcoin miner to AI cloud powerhouse with Nvidia partnerships, 400% mining growth, and $501M revenue. Can investors ride both waves?
I’m Aadi, an MBA in marketing and finance who has spent the past decade tracking how companies reinvent themselves to stay relevant in shifting markets. Some firms fail when they try to pivot. Others, like Iren Limited, seem to hit the timing just right.
Summary:
This is not just a Bitcoin miner anymore. Iren is shaping up to be one of the most intriguing dual-play stories in the market, mixing old crypto cash flows with fresh AI infrastructure bets. For investors and business leaders, that combo raises a key question: can the company really deliver consistent earnings from two notoriously volatile industries?
- Revenue surged 168% to $501M in FY25 with net income of $86.9M.
- Mining capacity jumped 400% to 150 EH/s, while AI cloud grew 132%.
- Nvidia Preferred Partner status secured with 10,900 GPUs set for deployment.
- Stock price up 278% since March 2025 with strong ratings momentum.
- Sweetwater 2 project in Texas could be one of the biggest AI hubs in North America.
Most Bitcoin miners live and die by crypto prices. Iren is hedging by using excess mining capacity for AI workloads. That gives it two engines: steady cash from Bitcoin mining and scalable upside from AI cloud services. It’s like running a gold mine and a semiconductor fab side by side.
The AI business isn’t a side hustle either. Management is targeting $200 to $250 million a year in AI cloud revenue by the end of 2025. Nvidia doesn’t hand out Preferred Partner badges casually, and this access to GPUs is a moat in itself when global supply is tight.
Since March 2025, Iren’s stock has ripped nearly 278 percent higher. Traders focus on the chart, but the valuation angle matters too. At about 31 times forward earnings, it’s cheaper than many AI-first companies. Compare that to Nvidia or even smaller AI cloud players trading at far loftier multiples.
That gap gives long-term investors a potential rerating story. If Iren proves it can generate stable AI revenue while maintaining mining profitability, the market may not keep pricing it as a risky crypto stock.
Texas has quietly become the Silicon Valley of energy-hungry computing. Iren’s Sweetwater 2 expansion aims to bring 600 megawatts online by 2027 with room to scale to 2 gigawatts. That’s enough power to run a small city, but in this case, it will fuel one of the largest AI data centers in North America.
What makes this interesting is location. Texas regulators have been friendlier to mining and AI data centers than other states, and proximity to renewables helps cut costs. Think of it as infrastructure arbitrage: cheap power meets expensive computing demand.
It’s not all smooth sailing. GPU supply constraints could choke growth if Nvidia faces production bottlenecks. Bitcoin’s price volatility is another wildcard. If crypto takes a deep dive, Iren will rely more heavily on AI revenue just to keep margins intact.
Still, a diversified model beats a single bet. That balance may be why the stock’s Composite Rating sits at 96, with Relative Strength at 98 and EPS at 76. Not many crypto-linked companies can claim that mix. For context, investors can cross-check Iren’s latest filings and performance updates directly on Nasdaq’s company page.
Iren’s playbook shows how a company can turn sunk costs into future growth. Instead of shutting down Bitcoin mining rigs when crypto cycles dip, it redirected that energy and infrastructure into AI. That’s a strategic pivot worth studying if you’re building or backing capital-intensive businesses.
If this model works, Iren might not just be another miner or cloud company. It could become the case study of how to straddle two booming yet volatile industries without collapsing under the weight of either.
5 to Do’s and Don’ts for Businesses, CEOs and Investors:
- Look for companies that use existing assets in new markets.
- Track insider partnerships like Nvidia’s Preferred Partner badge.
- Don’t ignore how energy prices can erode margins.
- Don’t overestimate growth by comparing only to Nvidia or Tesla multiples.
- Don’t forget that both AI and crypto cycles are highly unpredictable.