Up 300% in 2025, Should You Buy This Red-Hot AI Data Center Stock Here?

IREN Limited (IREN), once known primarily as a Bitcoin (BTCUSD) miner, has pivoted aggressively toward artificial intelligence (AI), repositioning itself as a rising force in AI infrastructure. The company’s shift isn’t just a rebrand—it's backed by bold investments. Most recently, IREN announced a more than $670 million purchase of 12,400 new GPUs, effectively doubling its capacity and solidifying its ambitions to become an AI cloud infrastructure provider. The pivot has sparked enormous interest on Wall Street, sending IREN stock soaring more than 300% this year.

The stock’s meteoric rise, however, raises a pressing question for investors: with IREN already up threefold in 2025, is there still room to run—or has the easy money already been made? Let’s take a closer look at the company’s pivot its fundamentals and assess whether this red-hot AI data center stock is worth chasing at today’s levels.