Iren Surpasses CoreWeave in AI Cloud Growth

Iren's gradual shift from Bitcoin mining to AI cloud services is paying off. The company reported nearly $87 million in net income for fiscal 2025, but its assets are now more valuable as high-performance compute capacity.

Iren began investing its Bitcoin mining revenue into growing infrastructure for AI cloud services, and the results are apparent. For the full fiscal year, AI cloud service revenue rocketed nearly eight times higher than in fiscal 2025.

Wall Street analysts, including JPMorgan Chase's Richard Choe, are beginning to voice support for Iren's plan. Choe has upgraded his firm's rating from a sell equivalent to a buy and increased the price target from $46 to $65 per share, representing roughly 50% upside.