IREN Ltd (IREN) Strengthening Cloud Platform with Nvidia’s GPUs

IREN Ltd. (NASDAQ:IREN) is one of the crypto stocks with huge upside potential. On March 5, H.C Wainwright reiterated a Buy rating on IREN Ltd. (NASDAQ:IREN) and an $80 price target. The positive stance is in response to the company entering into an agreement to acquire more than 50,000 Nvidia B300 GPUs.

IREN Ltd (IREN) Strengthening Cloud Platform with Nvidia’s GPUs

Source: Unsplash

The new acquisition is poised to strengthen the company’s fleet to 150,000 GPUs as it continues to strengthen its cloud platform. The new GPUs are to be deployed across the company’s data centers in Mackenzie, British Columbia, and Childress, Texas, in phases.

In addition, the GPUs will position Iren among the largest AI cloud infrastructure providers as it pivots away from cryptocurrency mining toward an AI cloud business. The expanded fleet of GPUs could support an annualized run rate of over $3.7 billion by the end of the year.

The company is increasingly investing in its cloud computing business due to strong market demand. According to H.C Wainwright, investors should view the wave of investments as an important step towards de-risking in the 2026 outlook.

IREN Ltd (NASDAQ:IREN) is a technology company that operates high-performance, renewable energy-powered data centers specializing in Bitcoin mining and, increasingly, artificial intelligence (AI) cloud services. It provides infrastructure, including GPU-based computing, to support AI, machine learning, and high-performance computing (HPC) for large-scale clients.

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.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years

Disclosure: None. Follow Insider Monkey on Google News.