Why IREN Ltd. (IREN) Skyrocketed Recently

We recently published a list of 10 Surprising Stocks That Skyrocketed Today. In this article, we are going to take a look at where IREN Ltd. (NASDAQ:IREN) stands against other Friday’s top performers.

The stock market finished the trading week in the green territory as investors looked past the series of mixed corporate earnings performance and inflation worries, amid the easing trade tensions between the US and China.

The Dow Jones climbed by 0.78 percent, while the S&P 500 and the tech-heavy Nasdaq grew by 0.70 percent and 0.52 percent, respectively.

Beyond major indices, 10 companies—predominantly Bitcoin miners and quantum computing firms—registered a strong finish, thanks to fresh corporate developments boosting investor appetite.

In this article, we name Friday’s 10 top performers and detail the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.

IREN Ltd. (NASDAQ:IREN)

Shares of IREN Ltd. bounced back by 8.52 percent on Friday to close at $8.41 apiece following a strong earnings performance in the third quarter of fiscal year 2025.

During the quarter ending March, IREN Ltd. (NASDAQ:IREN) said net income increased by 28 percent to $24.2 million from $18.9 million in the same period last year.

Revenues reached $148.1 million, with the largest share owed to revenues from Bitcoin mining, with $141. million versus $113.5 million in the same period last year.

Looking ahead, IREN Ltd. (NASDAQ:IREN) said that it is set to pause further mining expansion to focus on scaling its Artificial Intelligence infrastructure initiatives.

Data centers “Horizon 1 and Sweetwater anchor the next phase of our growth, with both projects placing IREN at the forefront of accelerating AI data center demand,” said IREN Ltd. (NASDAQ:IREN) co-founder and co-CEO Daniel Roberts.

Overall, IREN ranks 10th on our list of Friday’s top performers. While we acknowledge the potential of IREN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than IREN but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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