More recently IREN Limited has made a very strategic pivot towards AI infrastructure. This interesting move has set the stage for a major boom in profitability and provides an exciting opportunity for investors. It was the company’s new record quarterly revenue at $148.1 million. With a net income of $24.2 million, this is a major return to profitability. IREN's successful Bitcoin mining operations, coupled with its ambitious AI initiatives, have positioned it as a key player in both the cryptocurrency and AI sectors. IREN’s balance sheet is a fortress and the company has zero debt. Combined with unprecedented growth in renewable energy-powered data centers, the company is positioned for massive growth.

Bitcoin Mining Success and Strategic Shift

IREN was 15th overall for efficiency among public companies in Bitcoin mining, and 3rd in profitability. The company bragged about successfully mining only 1,514 Bitcoins while spending a whopping 41k each to get the coins. In return, they produced remarkable revenue – $93,000 per Bitcoin. This amounted to $141.2 million in revenue earned by Bitcoin miners. IRSN demonstrated its operational prowess as the first Bitcoin California all-in Bitcoin mining hash cost was a mere $23. Consequently, the firm reveled in gross profit margins over 87%.

Aware of the unprecedented opportunity AI generates, IREN wisely stopped its Bitcoin mining expansion at 52 exahash per second. This reprieve gave the firm room to pivot resources toward building AI infrastructure. To achieve this, the company is now leveraging its current service infrastructure and manufacturing know-how. The bill is intended to take advantage of the skyrocketing demand for AI computing power.

AI Infrastructure Development and Expansion

Working behind the scenes, IREN is taking important steps to build its own AI infrastructure. The company expects to bring Horizon 1, a 50-megawatt AI-driven project, online in the fourth quarter of this year. Given that this new project will be IREN’s first venture into the AI market, it is anticipated that the revenue possibilities will be significant.

IREN’s next facility is a 2-gigawatt facility, located in Texas, which IREN hopes to have online by April 2026. This facility will massively increase the firm’s AI computing power. Together, these initiatives highlight IREN’s sincere push to become a leading force in the AI business.

The New York City-based company’s original proposal for a $450 million deal was bumped up twice as interest poured in. This really underscores the overwhelming confidence the investor community has in IREN’s vision and strategy. IREN supplemented this with $534.9 million from an extremely oversubscribed convertible notes offering in June of 2025.

Financial Strength and Market Position

IREN has a very strong financial position with no debt and $184.3 million in cash. This fiscal strength provides the firm with room to invest in critical growth strategies. It allows the company to better ride out any future market volatility. Its EBITDA was $83.3 million, for a robust 56% margin, with $0.11 per share in earnings.

The average IREN stock price target among analysts is $17.96. This target implies nearly 36% upside potential over the next twelve months. At IREN’s price-to-future-cash-flow ratio of 13.64x, the valuation looks attractive relative to the IT sector average of 19.15x. In addition, IREN’s enterprise value-to-forward EBITDA multiple is 12.16x, which is low compared to the sector mean of 14.43x.

Equipped with some of the most advanced data centers in North America, IREN has facilities located in Canada and Texas, which are powered 100% by renewable energy. This commitment to sustainability complements the increasing demand for environmentally conscious computing solutions. IREN has set a goal of reaching 50 exahash per second of mining capacity by June 2025.