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IREN Limited Jumps 208% Year to Date: Buy, Sell or Hold the Stock?
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Key Takeaways
IREN shares have soared 207.5% YTD, far outpacing sector and industry peers.
Bitcoin revenues rose 27.7% sequentially to $180.3M in fiscal Q4 2025.
AI Cloud revenues nearly doubled to $7M, with over 10k GPUs coming online.
IREN Limited (IREN - Free Report) shares have jumped 207.5% year to date, outperforming the Zacks Finance sector’s return of 12% and the Zacks Financial Miscellaneous Services industry’s return of 3.3%. IREN Limited has outperformed peers, including Riot Platforms (RIOT - Free Report) and CleanSpark (CLSK - Free Report) . Shares of Riot Platforms and CleanSpark have returned 49% and 5%, respectively.
IREN has been benefiting from growing revenues, which jumped 29.4% sequentially to $187.3 million in the fourth quarter of fiscal 2025. The company mined 1,825 bitcoins in the fourth quarter of fiscal 2025, and the average revenue per bitcoin mined was $98.8. Bitcoin revenues were $180.3 million, up 27.7% sequentially. IREN’s best-in-class fleet efficiency at 15 joules per terahash and low net power costs of 3.5 cents per kilowatt hour in the fiscal fourth quarter benefited the bitcoin business.
AI Cloud revenues are accelerating, which bodes well for IREN Limited. In fourth-quarter fiscal 2025, AI Cloud services revenues were $7 million compared with $3.6 million in the previous quarter. IREN’s AI cloud business is expanding rapidly, with more than 10,000 GPUs online or set to be commissioned in the coming months. The upcoming GPUs include next-generation liquid-cooled GB300 NVL72 systems from NVIDIA (NVDA - Free Report) at the Prince George campus. Meanwhile, IREN has achieved NVIDIA Preferred Partner status.
IREN Stock’s YTD Performance
Image Source: Zacks Investment Research
Technically, IREN is trading above the 50-day and 200-day SMAs, suggesting a bullish trend.
IREN Trades Above 50-Day and 200-Day SMAs
Image Source: Zacks Investment Research
So, what should investors do with IREN stock? Let’s dig deep into its fundamentals to gain some insight.
IREN’s Prospects Ride on Growing Bitcoin Revenues
IREN Limited is one of the world’s largest and lowest-cost bitcoin miners. IREN Limited achieved its 50 EH/s installed hashrate target in June. 50 EH/s generates roughly $830 million annualized hardware profit.
IREN is on track to achieve $1.25 billion in annualized revenues, with roughly $1 billion coming from bitcoin mining, and $200-$250 million from AI Cloud (by Dec. 2025). IREN expects to scale from 1.9k to 10.9k GPUs in the coming months. This includes 1.9k air-cooled H100 and H200s; 7.8k air-cooled B200 and B300s; and 1.2k liquid-cooled GB300s.
IREN has been on track to install more than 60k NVIDIA Blackwell GPUs at British Columbia sites and recognizes the potential of 19k GB300s at Horizon 1. IREN continues its transition in British Columbia (160 MW) from bitcoin mining to AI, including a new liquid-cooled data center for GB300 NVL72 installations at Prince George.
IREN currently operates 810MW of data centers. Contracted grid-connected power increased to 2,910 MW, indicating more than 35% growth. The company has commenced construction of Horizon 1, its first direct-to-chip liquid cooling AI data center and Sweetwater, its 2-gigawatt data center hub in West Texas.
Strong Liquidity Boosts IREN’s Growth Trajectory
IREN had $564.5 million in cash and cash equivalents as of June 30, 2025.
The company, through a combination of existing cash, cash flows from operations and GPU finance, expects to fully fund expansion to 10.9k GPUs, complete Horizon 1 and energize Sweetwater 1 substations.
The company has secured two tranches of financing, which have funded 100% of the purchase price ($200 million) of new GPUs at the single-digit rates with a favorable 24-36 month term.
The Zacks Consensus Estimate for first-quarter fiscal 2026 earnings is currently pegged at 18 cents, down 28% over the past 30 days. The consensus mark for revenues is pegged at $236.7 million compared with the year-ago quarter figure of $54.4 million.
The Zacks Consensus Estimate for fiscal 2026 earnings is currently pegged at $1.08 per share, down 6.1% over the past 30 days. The consensus mark for revenues is pegged at $1.13 billion, suggesting a jump of 120.9% from fiscal 2024’s reported figure.
Here is Why IREN Stock is a Hold
IREN shares are overvalued, as suggested by the Value Score of D.
In terms of forward price/book, IREN Limited is trading at 4.29X compared with the industry’s 3.59X, CleanSpark’s 1.27X, and Riot Platforms’ 1.71X.
IREN Stock’s Valuation
Image Source: Zacks Investment Research
Despite strong prospects from low-cost bitcoin mining and expanding AI Cloud footprint, modest earnings growth and stretched valuation are risky for investors.
Image: Bigstock
IREN Limited Jumps 208% Year to Date: Buy, Sell or Hold the Stock?
Key Takeaways
IREN Limited (IREN - Free Report) shares have jumped 207.5% year to date, outperforming the Zacks Finance sector’s return of 12% and the Zacks Financial Miscellaneous Services industry’s return of 3.3%. IREN Limited has outperformed peers, including Riot Platforms (RIOT - Free Report) and CleanSpark (CLSK - Free Report) . Shares of Riot Platforms and CleanSpark have returned 49% and 5%, respectively.
IREN has been benefiting from growing revenues, which jumped 29.4% sequentially to $187.3 million in the fourth quarter of fiscal 2025. The company mined 1,825 bitcoins in the fourth quarter of fiscal 2025, and the average revenue per bitcoin mined was $98.8. Bitcoin revenues were $180.3 million, up 27.7% sequentially. IREN’s best-in-class fleet efficiency at 15 joules per terahash and low net power costs of 3.5 cents per kilowatt hour in the fiscal fourth quarter benefited the bitcoin business.
AI Cloud revenues are accelerating, which bodes well for IREN Limited. In fourth-quarter fiscal 2025, AI Cloud services revenues were $7 million compared with $3.6 million in the previous quarter. IREN’s AI cloud business is expanding rapidly, with more than 10,000 GPUs online or set to be commissioned in the coming months. The upcoming GPUs include next-generation liquid-cooled GB300 NVL72 systems from NVIDIA (NVDA - Free Report) at the Prince George campus. Meanwhile, IREN has achieved NVIDIA Preferred Partner status.
IREN Stock’s YTD Performance
Image Source: Zacks Investment Research
Technically, IREN is trading above the 50-day and 200-day SMAs, suggesting a bullish trend.
IREN Trades Above 50-Day and 200-Day SMAs
Image Source: Zacks Investment Research
So, what should investors do with IREN stock? Let’s dig deep into its fundamentals to gain some insight.
IREN’s Prospects Ride on Growing Bitcoin Revenues
IREN Limited is one of the world’s largest and lowest-cost bitcoin miners. IREN Limited achieved its 50 EH/s installed hashrate target in June. 50 EH/s generates roughly $830 million annualized hardware profit.
IREN is on track to achieve $1.25 billion in annualized revenues, with roughly $1 billion coming from bitcoin mining, and $200-$250 million from AI Cloud (by Dec. 2025). IREN expects to scale from 1.9k to 10.9k GPUs in the coming months. This includes 1.9k air-cooled H100 and H200s; 7.8k air-cooled B200 and B300s; and 1.2k liquid-cooled GB300s.
IREN has been on track to install more than 60k NVIDIA Blackwell GPUs at British Columbia sites and recognizes the potential of 19k GB300s at Horizon 1. IREN continues its transition in British Columbia (160 MW) from bitcoin mining to AI, including a new liquid-cooled data center for GB300 NVL72 installations at Prince George.
IREN currently operates 810MW of data centers. Contracted grid-connected power increased to 2,910 MW, indicating more than 35% growth. The company has commenced construction of Horizon 1, its first direct-to-chip liquid cooling AI data center and Sweetwater, its 2-gigawatt data center hub in West Texas.
Strong Liquidity Boosts IREN’s Growth Trajectory
IREN had $564.5 million in cash and cash equivalents as of June 30, 2025.
The company, through a combination of existing cash, cash flows from operations and GPU finance, expects to fully fund expansion to 10.9k GPUs, complete Horizon 1 and energize Sweetwater 1 substations.
The company has secured two tranches of financing, which have funded 100% of the purchase price ($200 million) of new GPUs at the single-digit rates with a favorable 24-36 month term.
IREN’s Earnings Estimate Revision Shows Downward Trend
The Zacks Consensus Estimate for first-quarter fiscal 2026 earnings is currently pegged at 18 cents, down 28% over the past 30 days. The consensus mark for revenues is pegged at $236.7 million compared with the year-ago quarter figure of $54.4 million.
IREN Limited Price and Consensus
IREN Limited price-consensus-chart | IREN Limited Quote
The Zacks Consensus Estimate for fiscal 2026 earnings is currently pegged at $1.08 per share, down 6.1% over the past 30 days. The consensus mark for revenues is pegged at $1.13 billion, suggesting a jump of 120.9% from fiscal 2024’s reported figure.
Here is Why IREN Stock is a Hold
IREN shares are overvalued, as suggested by the Value Score of D.
In terms of forward price/book, IREN Limited is trading at 4.29X compared with the industry’s 3.59X, CleanSpark’s 1.27X, and Riot Platforms’ 1.71X.
IREN Stock’s Valuation
Image Source: Zacks Investment Research
Despite strong prospects from low-cost bitcoin mining and expanding AI Cloud footprint, modest earnings growth and stretched valuation are risky for investors.
IREN Limited currently has a Zacks Rank #3 (Hold), which implies investors should wait for a favorable point to accumulate the stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.