Artificial intelligence (AI) infrastructure names have been front and center for investors over the past year, and IREN Limited (IREN) has been one of the biggest winners of this trend. Once known primarily as a Bitcoin miner, the company made a bold pivot into AI infrastructure, and the market loved it. Backed by its existing crypto mining setup, IREN was able to quickly transition into building high-powered, server-filled data centers, fueling a massive triple-digit rally in its stock.
The real game-changer came last year when Microsoft (MSFT) signed a jaw-dropping $9.7 billion multi-year AI cloud deal with the company. That agreement, which includes deploying 76,000 Nvidia (NVDA) GB300 GPU units at its Texas campus, firmly put IREN on the AI map. And the company isn’t slowing down. Just last month, it added another 50,000 Nvidia B300 GPU units to its pipeline, taking its total planned capacity to more than 150,000 GPUs, an aggressive move that signals serious ambition.
