IREN Stock's 50% Spike Powered By Nvidia GPUs

Benzinga
2025.10.10 20:35
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IREN Ltd (NASDAQ:IREN) stock surged over 50% since late September following a significant purchase of 12,400 NVIDIA GPUs for $674 million, doubling its AI cloud capacity. By early October, IREN secured contracts for 11,000 GPUs, projecting $225 million in annual recurring revenue (ARR) and targeting $500 million in ARR by Q1 2026. The stock climbed from $42 to a high of $70.05 before a slight pullback, reflecting strong investor confidence in IREN's position in AI infrastructure.

IREN Ltd (NASDAQ:IREN) stock has surged more than 50% since late September when the company announced a game-changing purchase of GPUs that catapulted it into the spotlight of the AI cloud computing boom.

  • IREN stock slipped on Friday. See the details here.

Massive GPU Purchase

On Sept. 22, IREN announced its transformative acquisition of 12,400 GPUs — including NVIDIA Corp. (NASDAQ:NVDA) cutting-edge Blackwell and Hopper chips — as part of a $674 million deal.

The ambitious expansion doubled IREN's AI cloud capacity and attracted serious attention from investors.

The upgraded hardware positioned the company to meet surging demand for high-performance computing, allowing it to offer compute capacity to some of the biggest names in artificial intelligence.​

Aggressive Revenue Targets

By early October, IREN had already secured customer contracts for 11,000 of its new GPUs — representing about $225 million in annualized recurring revenue (ARR) — many of which are expected to be operational by the end of 2025.

The company is targeting $500 million in ARR from its AI cloud segment by the end of the first quarter of 2026.

Stock Performance Since September

Since IREN's massive late-September GPU purchase, the stock price experienced an explosive climb from around $42 to a new high of $70.05 on Friday before pulling back.

The trend reflects exceptional momentum and growing investor conviction in IREN's identity as an AI infrastructure leader.​

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