We just covered Leopold Aschenbrenner’s Situational Awareness Reveals Its 10 Under-The-Radar AI Stock Picks. IREN ranks #1 (see Situational Awareness Top 5 Under-The-Radar AI Stock Picks).
Situational Awareness Stake Value: $401,036,064
IREN is one of the top holdings in Leopold Aschenbrenner’s Situational Awareness portfolio as of Q1 2026. The company is in the middle of transitioning from a Bitcoin miner into a pure-play AI infrastructure provider. Crypto mining still accounts for roughly 77% of total revenue, but bulls are focused more on where the business is heading than where it stands today.
The AI side is growing fast. In fiscal Q3, AI cloud revenue rose 94% year over year. IREN currently has $3.1 billion in annual recurring revenue. This revenue is locked in under long-term contracts that renew on a predictable basis. The key deal is a five-year, $9.7 billion agreement with Microsoft signed in November 2025, under which IREN’s GPUs will be used to provide cloud services to the tech giant. On top of that, IREN secured a $3.4 billion five-year contract with Nvidia in early 2026 to build an AI cloud platform running Blackwell GPUs.
Bulls also point to two recent acquisitions. The first was Nostrum Group, a data center developer with terms undisclosed, which adds a local team in Spain and expands IREN’s guaranteed grid connectivity by 480 MW — addressing one of the key bottlenecks in scaling AI infrastructure. The second was Mirantis, a cloud software provider acquired for $625 million in shares, which brings roughly 1,500 corporate clients and deep expertise in managing AI computing workloads. This acquisition is significant because IREN had the hardware but lacked the software layer needed to offer customers a complete cloud environment — Mirantis fills that gap and should also help IREN shift from volatile spot contracts toward more predictable recurring revenue.
READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy.
Hedge Fund Resource Center