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IREN Ltd (NASDAQ:IREN) stock has surged more than 50% since late September when the company announced a game-changing purchase of GPUs that catapulted it into the spotlight of the AI cloud computing boom.
On Sept. 22, IREN announced its transformative acquisition of 12,400 GPUs — including NVIDIA Corp. (NASDAQ:NVDA) cutting-edge Blackwell and Hopper chips — as part of a $674 million deal.
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The ambitious expansion doubled IREN's AI cloud capacity and attracted serious attention from investors.
The upgraded hardware positioned the company to meet surging demand for high-performance computing, allowing it to offer compute capacity to some of the biggest names in artificial intelligence.
By early October, IREN had already secured customer contracts for 11,000 of its new GPUs — representing about $225 million in annualized recurring revenue (ARR) — many of which are expected to be operational by the end of 2025.
The company is targeting $500 million in ARR from its AI cloud segment by the end of the first quarter of 2026.
Since IREN's massive late-September GPU purchase, the stock price experienced an explosive climb from around $42 to a new high of $70.05 on Friday before pulling back.
The trend reflects exceptional momentum and growing investor conviction in IREN's identity as an AI infrastructure leader.
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