IREN achieved record revenue of $148.1 million in Q3, marking a 172% year-over-year increase driven by Bitcoin mining performance and a highly profitable AI cloud segment. The company pivoted to AI infrastructure, with significant investments in Nvidia GPUs and a data center targeting a growing market. While the stock has surged 228%, risks such as Bitcoin price fluctuations and regulatory challenges pose potential obstacles to reaching the target price of $24 per share. IREN operates sustainably, using 100% renewable energy to maintain high profit margins.
IREN (NASDAQ: IREN) reported a record Q3 revenue of $148.1 million, a 172% increase year-over-year, driven by efficient Bitcoin mining and a 98% margin AI cloud segment.
The company has pivoted towards AI infrastructure, utilizing 2,400 Nvidia Blackwell GPUs and a 50MW data center, indicating a target for a $6.7 trillion market by 2030.
Although IREN's stock surged 228% in three months, risks including Bitcoin price volatility and regulatory uncertainties can impact the company's path to its price target of $24.
IREN specializes in sustainable data center operations powered by 100% renewable energy, utilizing low-cost hydro and solar energy to achieve industry-high margins.
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