IREN Limited has doubled its AI cloud capacity to 23k GPUs by purchasing an additional 12.4k GPUs for $674 million. This move is expected to help achieve $500 million in AI Cloud annualized run-rate revenue by the first quarter of fiscal 2026. The company is rapidly expanding its AI cloud business.

IREN faces tough competition in the bitcoin mining market from Strategy (MSTR) and CleanSpark (CLSK). Strategy expects a 30% bitcoin yield with $20 billion in gains. CleanSpark produced 2,012 bitcoins with a cost per Bitcoin of $44,806, below the average spot price.

IREN’s stock has appreciated 314.5% year to date, outperforming the Finance sector. The company’s stock is trading at a premium with a price/cash flow of 4.82X. The Zacks Consensus Estimate for fiscal 2026 earnings is $1.08 per share.

IREN Limited now carries a Zacks Rank #3 (Hold). The company is on track to install over 60k NVIDIA Blackwell GPUs at British Columbia sites. IREN continues its transition from bitcoin mining to AI, with a focus on expanding its AI cloud business.

Read more at Nasdaq: IREN Expands AI Cloud Capacity: Is the Growth Thesis Strengthening?