IREN Ltd is transitioning from Bitcoin mining to AI cloud services supported by multi-billion dollar GPU contracts with Nvidia and Microsoft [3, 5].

This pivot reflects a broader industry shift as companies leverage massive power infrastructure to meet the soaring demand for artificial intelligence computing. The move positions IREN to capitalize on the cloud boom by repurposing data center capacity for high-performance computing.

Analysts have highlighted the company's growth trajectory, with some reporting that IREN ranks second among 10 AI stocks with the potential to increase tenfold [1]. The company's five-year GPU contract value with Nvidia is estimated at $3.4 billion [4], while projected annual recurring revenue is expected to reach $3.7 billion by the end of 2028 [4].

Market sentiment has remained positive following recent evaluations. Jefferies issued a buy rating with a price target of $79 [6], which contributed to a 5% increase in stock price [6]. Other reports suggest the stock could see a surge of 92% [2]. As of June 18, the share price closed at $59.96 [2].

Institutional interest is also growing, with 53 hedge-fund investors now holding positions in the company [1]. This interest coincides with the development of the Sweetwater 1 site, which has a power capacity of 1.4 gigawatts [7]. Management said the company would have the necessary power hooked up for the site by April 2026 [7].

Financial analysts continue to monitor the company's ability to scale. One analyst said, "I maintain a 'Strong Buy'" [3]. The company, which is incorporated in Sydney, Australia, and trades on the NASDAQ, continues to expand its footprint to support AI-focused cloud capacity [1, 4].

“IREN is transitioning from Bitcoin mining to AI cloud services supported by multi-billion dollar GPU contracts.”

IREN's transition underscores a critical trend in the tech sector where the physical infrastructure of the crypto-mining era—specifically high-voltage power access and cooling—is becoming the primary bottleneck for AI scaling. By securing long-term contracts with industry leaders like Nvidia and Microsoft, IREN is attempting to shift its valuation from a volatile commodity-linked miner to a stable, high-margin infrastructure provider.