Is IREN a good stock to buy? We came across a bullish thesis on IREN Limited on TopSecretStocks’s Substack by Simon. In this article, we will summarize the bulls’ thesis on IREN. IREN Limited’s share was trading at $ 40.13 as of March 5th. IREN’s trailing and forward P/E were 30.44 and 62.50 respectively according to Yahoo Finance.
IREN Limited operates in the vertically integrated data center business in Australia and Canada. IREN has reached a pivotal moment, transforming from a Bitcoin mining operator into a cornerstone of global AI infrastructure.
The company’s $9.7 billion contract with Microsoft for 200 MW at its Childress site validates its technical capabilities and signals market trust, dispelling doubts about its transition from crypto to high-performance computing (HPC) and AI workloads. With 20% of the contract value paid upfront, IREN gains a substantial cash infusion that addresses capital expenditure needs without diluting shareholders, while establishing itself as a mission-critical partner for Big Tech.
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Beyond the Microsoft deal, IREN’s 2 GW Sweetwater project represents a massive untapped growth opportunity, theoretically ten times larger than the initial 200 MW commitment, positioning the company as one of North America’s largest holders of permitted power capacity. Unlike many AI-focused software firms trading at lofty multiples, IREN provides real assets and diversified cash flows. Its legacy Bitcoin mining business continues to generate reliable liquidity, funding the AI transition, while HPC and AI infrastructure offer stable, high-margin revenues less exposed to cryptocurrency volatility.
Despite these fundamentals, the market still prices IREN with a “mining discount,” undervaluing its scale, strategic partnerships, and future potential. When benchmarked against established Data Center REITs or HPC providers, the valuation gap is significant. As the market increasingly recognizes IREN as a premier AI infrastructure provider, rather than a crypto miner, the stock is poised for a meaningful rerating. With large-scale power capacity and Tier-1 clients secured, IREN combines tangible assets with strategic growth avenues, offering investors a unique opportunity to participate in a generational shift in AI infrastructure.
Previously, we covered a bullish thesis on IREN Limited (IREN) by Anxious-Criticism652 on Reddit in May 2025, which highlighted the company’s transition from Bitcoin mining to a forward-looking AI and crypto infrastructure platform, its scalable Sweetwater power capacity, high-margin GPU deployments, and pristine balance sheet. IREN’s stock price has appreciated by approximately 340.02% since our coverage. Simon shares a similar view but emphasizes the transformational $9.7 billion Microsoft contract and IREN’s emergence as a mission-critical AI infrastructure provider.
IREN Limited is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held IREN at the end of the fourth quarter which was 52 in the previous quarter. 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.
Disclosure: None.
