5 Stocks That Can Still Skyrocket On The Neo Cloud Boom 

3. IREN Ltd (NASDAQ:IREN)

Potential Upside: 49.9% 

On June 3, IREN Ltd (NASDAQ:IREN) reported that it had signed a transmission connection agreement for an 800 megawatt data center in South Australia. This is the company’s first data center in Australia and shows how the firm is aggressively expanding its data center footprint. The news comes after it already collaborated with Dell to acquire Blackwell GPU systems for its data centers.

This isn’t the only partnership the company has announced recently. On May 11, JP Morgan raised the firm’s target price on IREN Ltd (NASDAQ:IREN) to $46 from $39 and reiterated an Underweight rating on the stock. The upward price target revision came after the company announced a partnership with NVIDIA on May 7.

As part of the partnership, both companies plan to accelerate the deployment of next-generation AI infrastructure. Up to 5 gigawatts of Nvidia DSX-aligned AI infrastructure will be deployed across IREN’S global data center pipeline. The partnership will also focus on expanding access to Nvidia-powered AI computing for startups, AI native, and enterprise customers through DSX AI factories. IREN also offered Nvidia an option to purchase up to 30 million IREN shares over the next five years at a price of $70 per share. If Nvidia chooses to exercise this right, it would invest up to $2.1 billion, subject to certain conditions, including regulatory.

IREN Ltd (NASDAQ:IREN) operates in the data center business. The company owns and runs computing hardware, power systems, and data centers. It also mines Bitcoin by operating a peer-to-peer network of computers running Bitcoin software. The company was incorporated in 2018 and is based in Sydney, Australia.