IREN · IREN
IREN 2025: a bitcoin miner's $9.7 billion Microsoft AI cloud contract
2025 · +285% in the calendar year
For scale: buying every US stock breakout from 2018 to 2026 with no selection returned a median −22.6% a year later, measured on the 14,674 with a full twelve months of data. How it was measured
IREN, the Australian company known as Iris Energy until November 2024, entered 2025 as a bitcoin miner running on its own grid-connected power. Its shares fell to an intraday low of $5.125 in April 2025. During 2025 it added GPU capacity for AI cloud customers at Childress, Texas. On 3 November 2025 it announced a five-year AI cloud contract with Microsoft worth about $9.7 billion, using NVIDIA GB300 GPUs at Childress.
That day the stock closed at a record $75.73. It finished +285% in calendar 2025. Recognised revenue did not keep pace with the contracts: quarterly revenue fell from $240.3 million in the September 2025 quarter to $144.8 million in the March 2026 quarter, and the shares fell to an intraday low of $30.76 that March. On 7 May 2026 IREN announced a partnership with NVIDIA covering up to 5GW of AI infrastructure. On 24 August 2026, where this account ends, the stock closed at $39.81.
The full replay of this run, every bar with its catalysts pinned, is part of the members' library. Six classic runs are free now, opened by email.
Free: six classic runs
Sources: IREN investor relations, Microsoft contract · Investing.com, 3 Nov 2025 · Yahoo Finance, 7 May 2026 · StockAnalysis, IREN. Price figures are split-adjusted, not dividend-adjusted.
The Runner Tape and its staff hold no financial or other interest, direct or indirect, in IREN — no shares, no options or other derivatives, no compensation or arrangement of any kind connected with it — and have received no consideration from any person in connection with it being covered here.