IREN Limited (IREN)’s Shares Have Nearly Doubled This Year. Here Is What You Need To Know

IREN Limited (NASDAQ:IREN) is among the 12 Best Australian Stocks to Buy Right Now. The stock has had a stellar 2025, with year-to-date gains of 94%, as of the close of business on August 14.

IREN Limited (IREN)'s Shares Have Nearly Doubled This Year. Here Is What You Need To Know

Stock market data showing an upward trajectory. Photo by Burak The Weekender on Pexels

The wave has been fueled by impressive financial performance. IREN Limited (NASDAQ:IREN) in May posted a record revenue of $148.1 million during the third quarter of fiscal 2025, along with a 28% sequential increase in profit after tax. The robust results were driven by the company’s focus on large-scale data center sites, which are driving strong growth and margins.

The momentum has continued with the recent announcement of record monthly revenue and hardware profit for July, with a 17% increase in bitcoins mined and upgrades in AI cloud, bolstering bullish sentiment.

Expansion projects have also thrilled investors, such as the $130 million purchase of 2.4k next-generation Blackwell B200 and B300 GPUs from NVIDIA last month.

IREN Limited (NASDAQ:IREN) owns and operates data centers powering the future of Bitcoin and artificial intelligence using renewable energy. Wall Street analysts maintain a positive outlook for the stock, with a consensus Buy rating and an average share price upside potential of 16.8%.

While we acknowledge the risk and potential of IREN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than IREN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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