Iren Takes Aim at CoreWeave's Dominance in AI Cloud Market

CoreWeave's (CRWV) meteoric rise to $180 per share in just a few months has made it a darling of investors, but a new rival is gaining traction. Iren (IREN), a Bitcoin miner turned AI cloud infrastructure provider, is expanding its business at an incredible rate.

With nearly $87 million in net income for fiscal 2025, Iren made the pivotal decision to funnel its revenue into growing infrastructure for AI cloud services. The company's investments are beginning to pay off, with AI cloud service revenue soaring nearly eight times higher than in fiscal 2025.

JPMorgan Chase analyst Richard Choe has upgraded his rating from a sell equivalent to a buy and increased the price target from $46 to $65 per share, representing roughly 50% upside. The firm sees Iren gaining traction in acquiring new customers and believes its strategic alliance with AI leader Nvidia has enhanced its credibility.

While some analysts speculate that Iren's full transition away from Bitcoin mining may not be complete until the end of the decade, the company is already making progress towards profitability.