Iren (NASDAQ: IREN) reported a record net income of nearly $87 million for fiscal 2025, which ended June 30, 2025. The company is undergoing a business transformation, redirecting Bitcoin mining revenue to expand its AI cloud services infrastructure, which has resulted in AI cloud service revenue surging nearly eightfold compared to the previous year. As of now, approximately 50% of Iren’s revenue comes from AI operations, up from over 75% from Bitcoin mining in the previous quarter.
Analysts, including Richard Choe from JPMorgan Chase, have upgraded Iren’s stock rating from sell to buy, raising the price target from $46 to $65 per share, indicating a potential upside of around 50% as of September 18. The strategic partnership with Nvidia is expected to bolster credibility and customer acquisition in the AI sector, with revenue from AI cloud services more than doubling in the last two quarters. Some analysts predict Iren will fully transition away from Bitcoin mining by the end of the decade.
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