IREN Ltd. (IREN) Hits Fresh Record High Anew on Supply Deals; to Raise Potential $1 Billion in Fresh Funds

We recently published 10 Hot Stocks Sparking Buying Frenzy. IREN Ltd. (NASDAQ:IREN) is one of the best performers on Tuesday.

IREN Ltd. extended its winning streak to a third straight day on Tuesday to hit a new all-time high, as investor sentiment was fueled by newly inked cloud supply deals, while hinting at more to come.

In intra-day trading, IREN Ltd. (NASDAQ:IREN) soared to another all-time high of $63.40 before paring gains to end the day just up by 6.81 percent at $61.68 apiece.

In a statement, IREN Ltd. (NASDAQ:IREN) said it has successfully deployed 11,000 Nvidia Blackwell GPUs to its existing AI partners, with full operations targeted by the end of the year. Meanwhile, the remaining 12,000 GPUs are on track to be delivered by the end of the first quarter next year and generate $500 million in annualized recurring revenues (ARR) from AI alone.

Additionally, it was luring and in active talks with more companies for more potential agreements.

In line with its expansion program, IREN Ltd. (NASDAQ:IREN) announced plans to raise $875 million from the issuance of convertible senior notes due 2031, with an option to purchase an additional $125 million within a period of 13 days from the date the notes were first issued.

If fully subscribed, the overall issuance would deliver the company as much as $1 billion in fresh funds.

While we acknowledge the potential of IREN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.