Bitcoin Miner Turned AI Powerhouse: Iris Energy Stock Rockets to Record Highs
Iris Energy (NASDAQ: IREN) hit a record $49.44 on Oct. 3 and surged to $53 pre-market Oct. 6, up nearly 500% year-over-year. FY2025 revenue jumped 168% to $501 million, with net income at $86.9 million after prior losses. The company doubled its AI cloud GPU fleet with a $674 million purchase. Bitcoin’s rise above $120,000 and low power costs boosted gross mining margins to 70–75%.