IREN Limited is increasing its GPU fleet with 4.2k Blackwell B200 GPUs from NVIDIA, bringing the total fleet to around 8.5k NVIDIA GPUs, including various models. Blackwell offers better AI compute performance and energy efficiency, enabling IREN to offer next-gen compute in a supply-constrained market.

IREN Limited, a major Bitcoin miner, saw a 326% year-over-year hashrate growth in Q3 2025, hitting its 50 EH/s installed hashrate target. Hardware profit reached $830 million annually, with a $63.3 million profit in July. AI Cloud services revenue rose 33% year over year in Q3.

IREN Limited faces competition from Strategy and CleanSpark in the Bitcoin mining market. Strategy expects a 30% Bitcoin yield with a $20 billion gain if Bitcoin hits $150,000 by year-end. CleanSpark produced 2,012 Bitcoin in Q3 with an average revenue per Bitcoin of $99,000.

IREN’s shares have surged 135.5% YTD, outperforming the Finance sector. The stock trades at a premium with a forward 12-month price/cash flow of 82.39X. The Zacks Consensus Estimate for 2025 earnings is 14 cents per share.

IREN Limited holds a Zacks Rank #3 (Hold) with steady earnings estimates. For more information on stocks and investment research, visit Zacks Investment Research.

Read more at Nasdaq: IREN Expands GPU Fleet With NVIDIA Blackwell: What’s the Path Ahead?