How IREN Is Cashing In on the AI Data Center Boom

IREN has pivoted from Bitcoin mining to AI infrastructure, signing contracts worth over $15 billion with MSFT and NVDA among other customers. The company, which rebranded in late 2024, now operates more than 800 MW of data center capacity to support AI workloads.

Analysts forecast IREN revenue climbing from $510 million in 2025 to $6.20 billion by 2028, representing better than 10x growth over three years. The stock has surged more than 270% since the rebrand as the market reprices the shift from crypto mining to hyperscale AI infrastructure.

At current levels, IREN trades at roughly 5x estimated 2028 EBITDA, a multiple analysts view as reasonable given the contracted revenue pipeline and the company's positioning in high-demand AI data center capacity. The MSFT and NVDA contracts anchor near-term visibility as both tech giants race to secure power and infrastructure for AI model training and inference.