IREN Ltd. (NASDAQ:IREN), which operates data centers and mines Bitcoin (CRYPTO:BTC), went from under-the-radar to over-the-top in 2025. As we’ll see, IREN stock’s recent rally has been absolutely stunning.
Now, it’s a question of whether IREN Ltd. stock can continue on its upward trajectory and even reach $50 before the year is finished. The skeptics might claim that IREN stock is overextended, but if you’re bullish about Bitcoin, you’ll probably want to hold on for more gains.
IREN Stock Blasts Off
Even the staunchest critics can’t deny that IREN stock is heading toward $50. By the middle of September, the stock had already shot up from $10 to $37.
As of September 18, IREN Ltd. stock was up 277.7% year to date and up $380.44 over the past 12 months. Momentum or “momo” traders will certainly enjoy this price action, but value seekers might object.
Indeed, IREN Ltd. has a trailing 12-month price-to-earnings (P/E) ratio of 95.1x, and this could raise valuation concerns. Has IREN stock gotten ahead of itself? Is $50 too much to ask for?
Bear in mind that there’s more to a stock than its price action. Each stock represents partial ownership in a business, and if IREN Ltd.’s business is growing, the company’s valuation may be fully justified.
Big Revenue Run-up
Some investors might wince at IREN Ltd.’s high P/E ratio, but they should check the company’s financials before making a final judgment. When all is said and done, IREN Ltd.’s growth story is undeniable.
Here’s the scoop. In the three months ended June 30, 2025, IREN Ltd. generated $187.293 million in revenue. That’s 29.3% higher than the $144.823 million that IREN Ltd. reported for the prior quarter.
Most of that revenue came from Bitcoin mining revenue. However, IREN Ltd. demonstrated growth in the category of artificial intelligence (AI) cloud services revenue: $3.581 million in the prior quarter to $6.963 million in the three months ended June 30.
When we turn to the bottom-line results, the picture looks even brighter for IREN Ltd. Impressively, the company flipped from a net loss of $16.332 million in the prior quarter to net income of $176.868 million in the quarter ending on June 30.
Furthermore, for the full fiscal year ended June 30, 2025, IREN Ltd. grew its revenue 168% year over year to $501 million. Not only that, but the company also recorded $86.9 million in net income, as opposed to IREN Ltd.’s net loss of $28.9 million in the prior fiscal year.
IREN’s Powerful Partner
Most of the IREN Ltd.’s revenue came from Bitcoin mining operations for the full fiscal year. Yet, let’s not overlook the company’s data-center business, which generates revenue but also requires a lot of power.
To meet its intense power-consumption needs, IREN Ltd. recently formed a crucial partnership with AI hardware leader NVIDIA (NASDAQ:NVDA). Specifically, IREN Ltd. secured NVIDIA Preferred Partner status and purchased fleets of powerful NVIDIA graphics processing units (GPUs).
Granted, IREN Ltd. spent approximately $168 million to purchase all of those GPUs. However, this will enable IREN Ltd. to expand its total fleet of NVIDIA GPUs to a whopping 10,900. With that, IREN Ltd. should have the computing capacity to rake in more revenue from its data-center business in the coming months.
Massive Mining in August
Just in case you need more data, IREN Ltd. recently released its update for the month of August. Unsurprisingly, the company was quite busy with its data-center and Bitcoin-mining operations.
During that month, IREN Ltd. mined 668 Bitcoins and generated $114,816 in revenue per Bitcoin. Consequently, the company’s Bitcoin-mining revenue totaled $76.7 million in August.
Again, we shouldn’t disregard IREN Ltd.’s growing AI cloud business. For August, the company reported $2.4 million worth of AI cloud revenue with very low expenses for that segment. IREN Ltd. CEO Daniel Roberts remarked, “Demand for our AI Cloud is accelerating as we prepare for the delivery of approximately 9,000 NVIDIA Blackwell GPUs over the coming months.”
Looking Forward to $50
All in all, IREN Ltd.’s growth story should persist even after a share-price melt-up and despite the company’s lofty P/E ratio. After all, IREN Ltd.’s revenue growth and NVIDIA partnership bode well for the company.
Of course, an unforeseen event could derail IREN Ltd.’s expansion and put the share price under pressure. Barring that, however, there’s no reason to believe that IREN stock can’t climb higher and surpass the closely watched $50 mark by the year’s end.
Top Gaining Stocks
Top Losing Stocks
