From Mining Blocks to AI Racks: This is One Pivot You Won’t Want to Miss

30‑Second Take

Here’s a name you might have heard of. IREN has become one of the biggest surprise stories of 2025.

Once pigeonholed as a pure-play Bitcoin miner, the company has reinvented itself as a full-blown AI infrastructure provider.

Now boasting a market capitalization of approximately $15 billion, IREN is signing multi-year deals to lease thousands of NVIDIA Blackwell GPUs, which will power AI workloads and transform its balance sheet from volatile crypto exposure to stable, high-margin compute contracts.

This pivot is more than branding, and this is where things get interesting.

By owning its energy assets and running on renewables, IREN can offer enterprise-grade GPU capacity at a cost few can match. 

With AI demand outpacing supply and Wall Street seeking the next big name in infrastructure, IREN has a chance to become a core holding in the new AI-compute ecosystem.

The stock’s explosive rally this year reflects that story, but there is still plenty of room to run and a long-term growth narrative on the table, so you haven’t missed the last call for boarding.

Trade Setup

Timeframe: Medium to long term

Edge Type: Structural growth / narrative momentum

IREN sits at the intersection of two powerful trends, namely AI infrastructure buildout and renewable-powered data centers.

This provides investors with a structural growth advantage that extends well beyond short-term sentiment.

The near-term momentum is driven by GPU contract wins and expanding revenue visibility. Still, the real opportunity lies in the longer horizon.

As IREN scales its AI cloud capacity and proves it can deliver steady, recurring compute income, the stock could re-rate from a speculative play to a core growth story.

Your ideal setup here? Don’t get sucked into chasing the hype.

Set your positioning early and sit back to observe the progress of a retailer that’s executing well while most of the sector is still struggling to find its footing.

Snapshot Table

Chart

1-month trading summary: IREN’s chart has taken on the appearance of a vertical runway in the past month.

The stock kicked off the month in the mid-$20s before gathering serious pace through the back half of September as traders piled into anything tied to AI infrastructure.

Each fresh headline about new GPU contracts seemed to add fuel, with volume swelling and momentum traders chasing the move. 

By early October, IREN had doubled, surpassing the $50 mark and setting new highs above $57.

The speed of the rally caught even bullish investors off guard.

What we are seeing here is a mix of genuine growth excitement and a touch of FOMO that’s made IREN one of the most talked-about tickers in the AI-meets-energy trade right now.

Bull Case 

New look, new momentum: Forget what you’ve heard. IREN is no longer a crypto miner dressed up in an AI hoodie.

This marks a new era, characterized by a significant transformation that has seen management focus on building a genuine infrastructure business, designed to thrive in the next wave of computing demand. 

The company's renewable-powered data centers, initially built for Bitcoin, now provide a low-cost foundation for hosting and leasing NVIDIA GPUs at scale.

Why does that matter? Simple. Compute is the new oil, and IREN already controls its own energy supply. 

With 23,000 Blackwell GPUs being deployed and long-term contracts stacking up, the company is steadily converting hype into predictable, high-margin revenue.

If management can maintain tight execution by scaling GPU utilization, signing more enterprise clients, and demonstrating its ability to deliver uptime at hyperscale standards, IREN could evolve from a volatile trading stock into a durable AI infrastructure play.

Lighting up the catalyst radar: The next few quarters are already fizzing with potential.

The most immediate spark to watch is any new AI cloud contract announcements.

The company has been dropping these in rapid succession, with investors now treating them as mini-earnings events. Then comes Q1 2026.

IREN has set itself a lofty target of achieving more than $500 million in annualized AI cloud revenue.

If we hit that, it’s a credibility milestone that could reprice the stock entirely. 

Watch for updates on GPU deployment progress and utilization rates, both key signals of how efficiently the pivot is scaling.

Any signs of additional NVIDIA allocations or new partnerships could add fuel to the fire. 

Finally, with Bitcoin’s next halving event still influencing the legacy business, volatility in mining profitability remains a sideshow; however, a positive swing would be a nice tailwind for a company already riding two megatrends at once.

Price Targets: Current price targets run from a low of $24.00 to a high of $85.00, but keep an eye on these as the recent surge has caught many by surprise. 

The bulls are in control: IREN is trading comfortably above its 20-, 50-, and 200-day moving averages, signaling firm control by the bulls.

The recent breakout through the $50 resistance level came on surging volume, confirming strong institutional interest rather than just retail hype.

Bear Case 

Could demand prove to be IREN’s bearish nightmare? Global demand for GPUs continues to outstrip supply.

While this is beneficial for pricing power, it can hinder deployment timelines—a major risk for any company promising rapid growth in AI infrastructure. 

Hyperscalers could be a concern: Hyperscale giants like Amazon, Google, and Microsoft are racing to internalize compute capacity, potentially limiting how much smaller players like IREN can capture over the long term.

Facing the macro headwinds: Energy markets are a core swing factor.

Even with IREN's renewable assets, volatility in electricity costs or grid constraints could squeeze margins.

The crowded-trade conundrum: AI infrastructure has become the trade of 2025, and IREN is one of its loudest tickers.

With momentum funds, retail traders, and even crypto bulls piling in, positioning is stretched.

If sentiment flips or growth cools, the same crowd that fueled the rally could rush for the exits just as quickly.

Quick Checklist 

✅ Thesis still valid after today’s close
✅ Volume confirms move above key levels
✅ Catalyst date double-checked (October 07, 2025)

Deep‑Dive Links

• Q4 2025 Earnings 

• Analyst Ratings and Price Targets

• Short Interest Data

• Company Profile and Investor Relations

That’s all for today’s Everyday Alpha. We’ll have a new pick for you every morning before the market opens, so stay tuned!

Best Regards,
—Noah Zelvis
Everyday Alpha