Billionaire Stephen Mandel’s 10 Stocks with Huge Upside Potential

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1. IREN Limited (NASDAQ:IREN)

% holding in portfolio: 0.33%

Upside Potential: 217.28%

IREN Limited (NASDAQ:IREN) is an Australian company committed to utilizing renewable energy in Bitcoin mining operations. Formerly known as Iris Energy, IREN Limited competes with Hut 8 Mining, TeraWulf Inc., Hive Blockchain Technologies, among others. The company has decentralized data centers across North America, providing it with access to low-cost hydroelectric and wind power sources. With modular data centers and long-term power contracts, the company enhances scalability and supports its sustainable cryptocurrency mining strategy.

Mandel is willing to tap into the high-risk, high-reward digital infrastructure, with IREN Limited (NASDAQ:IREN) making up 0.33% of his portfolio at the end of Q4 2024. As per the company’s recent quarter report, IREN Limited (NASDAQ:IREN) optimizes its AI Cloud Service because of the rising demand for NVIDIA H100/H200 chips. Adjusted EBITDA for the period stands at $54.7 million. The company has also announced the implementation of direct-to-chip liquid cooling in existing data centers for efficient high-density AI computing, which is expected to support its rapid growth. Expanding its infrastructure, the company aims to secure a 600MW grid connection with AEP Texas for its West Texas Sweetwater 2 project. IREN Limited (NASDAQ:IREN) regards it as a key step in its 2GW Sweetwater data center hub development.

With an extraordinary upside potential of 217.28%, the company tops our list of best Stephen Mandel stocks for investors. This billionaire-backed stock relies on mining efficiency innovations and emerging interests in the blockchain sector for its growth potential.

Overall, IREN Limited (NASDAQ:IREN) ranks first among Stephen Mandel’s 10 stock picks with huge upside potential. While we acknowledge the potential of IREN, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks have lost around 25%. If you are looking for an AI stock that is more promising than IREN but trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks To Invest In According to Billionaires.

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