IREN Expands GPU Fleet With NVIDIA Blackwell: What's the Path Ahead?

IREN Limited IREN is expanding its GPU fleet with the purchase of an additional 4.2k Blackwell B200 GPUs from NVIDIA NVDA to be installed at IREN’s Prince George campus. This doubles down IREN Limited’s total fleet to approximately 8.5k NVIDIA GPUs comprising 0.8k NVIDIA H100s, 1.1k NVIDIA H100s, 5.4k NVIDIA H100s and 1.2k NVIDIA B300s. 

The Blackwell architecture offers notable improvements in AI compute performance and energy efficiency compared to Hopper. Blackwell enables lower cost and energy usage, which enables IREN to offer next-generation compute in a supply-constrained market. In July 2025, IREN bought 2,400 Blackwell GPUs (1,300 B200 + 1,100 B300) for roughly $130 million. These will be installed over the coming months at IREN’s Prince George campus. Supported by 50MW of dedicated power, Prince George can host more than 20,000 Blackwell GPUs.

IREN Limited is one of the world’s largest and lowest-cost Bitcoin miners, achieving 326% year-over-year hashrate growth in the third quarter of fiscal 2025. IREN Limited achieved its 50 EH/s installed hashrate target in June. 50 EH/s generates roughly $830 million annualized hardware profit. In July, hardware profit jumped 28.7% month over month to $63.3 million. Hardware margin increased 100 basis points in July compared with June.

AI Cloud revenues are accelerating with third-quarter fiscal 2025 AI Cloud services revenues jumping 33% year over year to $3.6 million. Expansion of AI Cloud operations bodes well for IREN, which operates 660MW of data centers and is expected to expand up to 910 MW in 2025.

IREN Faces Tough Competition

IREN Limited faces stiff competition from the likes of Strategy MSTR and CleanSpark CLSK in the bitcoin mining market.

Strategy benefits from increasing bitcoin yield, which hit 19.7% at the end of the second quarter of 2025 and 25% year to date. In dollar terms, bitcoin gain was $9.5 billion at the end of the second quarter and $13.2 billion year to date. Strategy now expects to achieve a bitcoin yield of 30% and $20 billion in gains, assuming the bitcoin price hits $150,000 at the end of the year.

CleanSpark produced 2,012 bitcoin, a 28% increase year over year in the third quarter of fiscal 2025. Average Revenue Per Bitcoin was $99,000, which increased 50% YoY. Cost per Bitcoin in the third quarter of fiscal 2025 was $44,806, which was far below the average spot price of approximately $98,500 during the same period.

IREN’s Share Price Performance, Valuation & Estimates

IREN shares have appreciated 135.5% year to date, outperforming the broader Zacks Finance sector’s return of 12.5% and the Zacks Financial Miscellaneous Services industry’s 5.6%.

IREN Stock’s Performance

The IREN stock is trading at a premium, with a forward 12-month price/cash flow of 82.39X compared with the industry’s 26.72X. IREN Limited has a Value Score of F.

IREN Valuation

The Zacks Consensus Estimate for 2025 earnings is pegged at 14 cents per share, unchanged over the past 30 days. The company reported a loss of 29 cents per share in the year-ago quarter.
 

IREN Limited Price and Consensus

IREN Limited price-consensus-chart | IREN Limited Quote

IREN Limited currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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