Canaccord Genuity Remains Bullish on IREN Limited (IREN) Following Q3 2025 Results

IREN Limited (NASDAQ:IREN) is one of the best crypto-related stocks to invest in.

Canaccord Genuity Remains Bullish on IREN Limited (IREN) Following Q3 2025 Results

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On November 10, 2025, The Fly reported that Canaccord Genuity increased its price target on IREN Limited (NASDAQ:IREN) from $42 to $70, while reiterating a “Buy” rating. The investment firm sees the company’s GPU cloud contract with Microsoft as a key growth driver. It also noted that long GPU lifespans could provide upside beyond current models.

Meanwhile, IREN Limited (NASDAQ:IREN) reported its Q3 2025 results on November 6, 2025. For the quarter, the company recorded $240.3 million in revenue, up 28% sequentially and 355% year-over-year. Adjusted EBITDA came in at $91.7 million, up 3,568% YoY. Once GPU expansion is complete, the Microsoft deal could generate $1.94 billion in annual recurring revenue.

Furthermore, IREN Limited (NASDAQ:IREN) plans to expand from 23,000 GPUs to 140,000 by the end of 2026 as it continues to aggressively scale its GPU infrastructure. Microsoft will partially fund capital expenditures with a 20% upfront prepayment. The company has already secured $400 million in additional funding for the expansion. Its vertically integrated model differentiates the company from others, enabling it to control the full stack from substations to GPUs and reducing its reliance on third-party providers.

IREN Limited (NASDAQ:IREN)’s management reaffirmed that the company’s Horizon platform is designed to support future GPU generations and ensure scalable AI infrastructure. However, several business risks also exist, including higher operating costs, execution challenges related to the Microsoft contract, and the need for additional funding.

IREN Limited (NASDAQ:IREN) leverages its vertically integrated data centers to provide AI cloud computing and GPU infrastructure.

While we acknowledge the potential of IREN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than IREN and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.