IREN Limited (IREN): A Bull Case Theory

We came across a bullish thesis on IREN Limited (IREN) by Anxious-Criticism652 on r/valueinvesting on Reddit. In this article, we will summarize the bulls’ thesis on IREN. IREN Limited (IREN)’s share was trading at $9.12 as of 23^rd May. IREN’s trailing and forward P/E were 2.15 and 18.18 respectively according to Yahoo Finance.

Image by Лечение Наркомании from Pixabay

Iris Energy (IREN) is quietly becoming a digital infrastructure powerhouse, transcending its roots as a Bitcoin miner to emerge as a forward-looking platform positioned at the intersection of renewable energy, AI computing, and quantum readiness. With over 10 EH/s in current Bitcoin mining capacity and a clear cap at 52 EH/s, Iris is uniquely pivoting focus to its AI cloud division.

Already generating $26 million in annualized revenue from 1,896 NVIDIA H100 and H200 GPUs at 96%+ profit margins, the company is preparing to deploy next-gen Blackwell B200 chips in a new 75MW liquid-cooled data center in Childress, Texas. Its Sweetwater campus has secured 2.75GW of power capacity—one of North America’s most scalable sites for compute infrastructure—cementing its advantage in future workloads ranging from crypto to AI to quantum computing. What sets Iris apart is its infrastructure’s modular, ultra-high-density design, enabling it to seamlessly evolve with next-gen hardware demands. Unlike peers who overextend through debt or dilution, Iris maintains a pristine balance sheet—zero debt—and funds growth through customer prepayments and internal cash flow. This financial discipline adds resilience and optionality across cycles.

Wall Street is starting to take notice. J&M Securities recently upgraded IREN to a Strong Buy with a $24 price target, citing the hybrid AI/crypto model and unmatched scalability. Despite the optimism, the stock trades at just $9.50, offering substantial upside. Iris Energy isn’t a speculative crypto play—it’s a clean energy-backed execution story with exposure to three of the most transformative computing trends of the next decade.

Previously, we have covered IREN Limited (IREN) in February 2025 wherein we summarized a bull thesis by Industrial Tech Stock Analyst on Substack. The author highlighted that IREN Limited (IREN) was positioned as an under-the-radar winner in the AI infrastructure space. Originally a Bitcoin miner, the company had been leveraging its renewable energy-powered data centers in overlooked locations to address AI’s growing compute and energy bottlenecks. With zero debt, strong cash flow, and early AI partnerships, the thesis argued that IREN could see a 10x valuation if it successfully transitioned more of its capacity toward AI computing. Since April 2025, the stock is up 49.51%