IREN Limited, a once-niche player in the data center and crypto mining world, has exploded onto Wall Street’s radar after clinching a blockbuster $9.7 billion AI cloud contract with Microsoft. The news has sent IREN stock on a wild ride, with shares up over 300% in 2025 and analysts scrambling to reassess the company’s future.
The Microsoft Contract That Changed Everything
In early November, IREN announced it had secured a multi-year, $9.7 billion deal with Microsoft to provide GPU-powered cloud services for artificial intelligence workloads. This contract is one of the largest of its kind, positioning IREN as a critical infrastructure partner for Microsoft’s rapidly expanding AI ambitions.
The deal will see IREN deploy thousands of NVIDIA Blackwell GPUs across its data centers, aiming to deliver scalable, renewable-powered compute for Microsoft’s next-generation AI models. With 23,000 GPUs either operational or on order, IREN is targeting over
$500 million in annualized run-rate revenue by Q1 2026, with
$225 million already secured for the end of 2025.
Stock Price Goes Parabolic
Investors have responded with enthusiasm—and a touch of mania. IREN shares closed at
$61.68 after a
6.8% surge in the latest session, capping a
120% gain over the past month alone. The stock is up more than 300% year-to-date, making it one of the hottest AI infrastructure plays of 2025.
Options activity has been feverish, with a wave of bullish call trades and
100% of analysts rating the stock a buy. Institutional investors are piling in, with 100 funds adding IREN to their portfolios in the most recent quarter.
Why IREN? The Secret Sauce
IREN’s appeal goes beyond just the Microsoft deal. The company operates a
vertically integrated model—it owns its data centers, hardware, electrical infrastructure, and even the land beneath its feet. This gives IREN unmatched control over costs and scalability, a major advantage as demand for AI compute skyrockets.
Crucially, IREN’s data centers are powered by 100% renewable energy, a key selling point for tech giants under pressure to decarbonize their operations. The company’s nearly 3GW of available power and scalable infrastructure make it a go-to partner for hyperscalers and AI startups alike.
Record Revenues and Analyst Buzz
IREN has reported record monthly revenues and hardware profits, driven by both its AI cloud and legacy bitcoin mining operations. Wall Street analysts have issued a flurry of buy ratings, with recent price targets reflecting the company’s new AI-driven trajectory.
Earnings are expected to jump dramatically, with forecasts of
$0.17 per share in the upcoming report—a
177% year-over-year increase. Revenues are projected to hit
$236.7 million for the quarter, up a staggering
335% from the previous year.
What’s Next? Risks and Rewards
While the Microsoft deal is a game-changer, IREN’s meteoric rise comes with risks. The company faces fierce competition from established data center giants and must execute flawlessly to deliver on its ambitious GPU deployment plans. Any hiccups in supply chains, power availability, or contract execution could spook investors.
Still, with the AI boom showing no signs of slowing and hyperscalers desperate for more compute, IREN’s bold bet on renewable-powered, GPU-centric infrastructure could keep it in the spotlight for quarters to come.
Takeaways for Investors
-
IREN is now a top AI infrastructure stock, not just a crypto miner.- The $9.7 billion Microsoft contract is a transformative win, but execution risk remains.
- Shares are volatile and richly valued, but analyst sentiment is overwhelmingly bullish.
- Watch for upcoming earnings on November 6, 2025, for more clues on growth trajectory.
Sources
1. Is IREN Stock About to Soar with a $9.7 Billion Microsoft Deal?
2. IREN Limited (IREN) Moves 6.8% Higher: Will This Strength Last?
3. IREN Investor News | Financial Announcements & Updates
4. IREN (IREN LIMITED) – Technical Charts and Market Data
5. IREN Limited Reports Record Monthly Revenue and Hardware ...
6. IREN Limited Signs $9.7 Billion GPU Cloud Services Contract with ...
7. IREN Limited Announces $875 Million Pricing of Convertible Senior ...
8. Up 300% in 2025, Should You Buy This Red-Hot AI Data Center ...
