We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
IREN Expands GPU Fleet With NVIDIA Blackwell: What's the Path Ahead?
Read MoreHide Full Article
Key Takeaways
IREN is adding 4.2k NVIDIA B200 GPUs, lifting its total GPU fleet to about 8.5k units.
Prince George campus, backed by 50MW power, can support over 20k Blackwell GPUs.
AI Cloud revenues surged 33% YoY to $3.6M in Q3 FY25, signaling rapid business growth.
IREN Limited (IREN - Free Report) is expanding its GPU fleet with the purchase of an additional 4.2k Blackwell B200 GPUs from NVIDIA (NVDA - Free Report) to be installed at IREN’s Prince George campus. This doubles down IREN Limited’s total fleet to approximately 8.5k NVIDIA GPUs comprising 0.8k NVIDIA H100s, 1.1k NVIDIA H100s, 5.4k NVIDIA H100s and 1.2k NVIDIA B300s.
The Blackwell architecture offers notable improvements in AI compute performance and energy efficiency compared to Hopper. Blackwell enables lower cost and energy usage, which enables IREN to offer next-generation compute in a supply-constrained market. In July 2025, IREN bought 2,400 Blackwell GPUs (1,300 B200 + 1,100 B300) for roughly $130 million. These will be installed over the coming months at IREN’s Prince George campus. Supported by 50MW of dedicated power, Prince George can host more than 20,000 Blackwell GPUs.
IREN Limited is one of the world’s largest and lowest-cost Bitcoin miners, achieving 326% year-over-year hashrate growth in the third quarter of fiscal 2025. IREN Limited achieved its 50 EH/s installed hashrate target in June. 50 EH/s generates roughly $830 million annualized hardware profit. In July, hardware profit jumped 28.7% month over month to $63.3 million. Hardware margin increased 100 basis points in July compared with June.
AI Cloud revenues are accelerating with third-quarter fiscal 2025 AI Cloud services revenues jumping 33% year over year to $3.6 million. Expansion of AI Cloud operations bodes well for IREN, which operates 660MW of data centers and is expected to expand up to 910 MW in 2025.
IREN Faces Tough Competition
IREN Limited faces stiff competition from the likes of Strategy (MSTR - Free Report) and CleanSpark (CLSK - Free Report) in the bitcoin mining market.
Strategy benefits from increasing bitcoin yield, which hit 19.7% at the end of the second quarter of 2025 and 25% year to date. In dollar terms, bitcoin gain was $9.5 billion at the end of the second quarter and $13.2 billion year to date. Strategy now expects to achieve a bitcoin yield of 30% and $20 billion in gains, assuming the bitcoin price hits $150,000 at the end of the year.
CleanSpark produced 2,012 bitcoin, a 28% increase year over year in the third quarter of fiscal 2025. Average Revenue Per Bitcoin was $99,000, which increased 50% YoY. Cost per Bitcoin in the third quarter of fiscal 2025 was $44,806, which was far below the average spot price of approximately $98,500 during the same period.
IREN shares have appreciated 135.5% year to date, outperforming the broader Zacks Finance sector’s return of 12.5% and the Zacks Financial Miscellaneous Services industry’s 5.6%.
IREN Stock’s Performance
Image Source: Zacks Investment Research
The IREN stock is trading at a premium, with a forward 12-month price/cash flow of 82.39X compared with the industry’s 26.72X. IREN Limited has a Value Score of F.
IREN Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2025 earnings is pegged at 14 cents per share, unchanged over the past 30 days. The company reported a loss of 29 cents per share in the year-ago quarter.
Image: Bigstock
IREN Expands GPU Fleet With NVIDIA Blackwell: What's the Path Ahead?
Key Takeaways
IREN Limited (IREN - Free Report) is expanding its GPU fleet with the purchase of an additional 4.2k Blackwell B200 GPUs from NVIDIA (NVDA - Free Report) to be installed at IREN’s Prince George campus. This doubles down IREN Limited’s total fleet to approximately 8.5k NVIDIA GPUs comprising 0.8k NVIDIA H100s, 1.1k NVIDIA H100s, 5.4k NVIDIA H100s and 1.2k NVIDIA B300s.
The Blackwell architecture offers notable improvements in AI compute performance and energy efficiency compared to Hopper. Blackwell enables lower cost and energy usage, which enables IREN to offer next-generation compute in a supply-constrained market. In July 2025, IREN bought 2,400 Blackwell GPUs (1,300 B200 + 1,100 B300) for roughly $130 million. These will be installed over the coming months at IREN’s Prince George campus. Supported by 50MW of dedicated power, Prince George can host more than 20,000 Blackwell GPUs.
IREN Limited is one of the world’s largest and lowest-cost Bitcoin miners, achieving 326% year-over-year hashrate growth in the third quarter of fiscal 2025. IREN Limited achieved its 50 EH/s installed hashrate target in June. 50 EH/s generates roughly $830 million annualized hardware profit. In July, hardware profit jumped 28.7% month over month to $63.3 million. Hardware margin increased 100 basis points in July compared with June.
AI Cloud revenues are accelerating with third-quarter fiscal 2025 AI Cloud services revenues jumping 33% year over year to $3.6 million. Expansion of AI Cloud operations bodes well for IREN, which operates 660MW of data centers and is expected to expand up to 910 MW in 2025.
IREN Faces Tough Competition
IREN Limited faces stiff competition from the likes of Strategy (MSTR - Free Report) and CleanSpark (CLSK - Free Report) in the bitcoin mining market.
Strategy benefits from increasing bitcoin yield, which hit 19.7% at the end of the second quarter of 2025 and 25% year to date. In dollar terms, bitcoin gain was $9.5 billion at the end of the second quarter and $13.2 billion year to date. Strategy now expects to achieve a bitcoin yield of 30% and $20 billion in gains, assuming the bitcoin price hits $150,000 at the end of the year.
CleanSpark produced 2,012 bitcoin, a 28% increase year over year in the third quarter of fiscal 2025. Average Revenue Per Bitcoin was $99,000, which increased 50% YoY. Cost per Bitcoin in the third quarter of fiscal 2025 was $44,806, which was far below the average spot price of approximately $98,500 during the same period.
IREN’s Share Price Performance, Valuation & Estimates
IREN shares have appreciated 135.5% year to date, outperforming the broader Zacks Finance sector’s return of 12.5% and the Zacks Financial Miscellaneous Services industry’s 5.6%.
IREN Stock’s Performance
Image Source: Zacks Investment Research
The IREN stock is trading at a premium, with a forward 12-month price/cash flow of 82.39X compared with the industry’s 26.72X. IREN Limited has a Value Score of F.
IREN Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2025 earnings is pegged at 14 cents per share, unchanged over the past 30 days. The company reported a loss of 29 cents per share in the year-ago quarter.
IREN Limited Price and Consensus
IREN Limited price-consensus-chart | IREN Limited Quote
IREN Limited currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.