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IREN Limited (IREN) has experienced a dramatic surge in its stock price following the announcement of its NVIDIA (NVDA) Preferred Partner status and significant GPU expansion plans. The company’s shares jumped 14.97% to $26.49 as of market open on Friday, August 29, 2025, after closing at $23.04 the previous day.

This remarkable rally comes on the heels of IREN’s announcement that it secured NVIDIA Preferred Partner status and procured an additional 2.4k GPUs worth approximately $168 million, expanding its total GPU fleet to 10.9k NVIDIA GPUs. The partnership represents a significant milestone for the data center operator as it positions itself at the intersection of Bitcoin mining and AI cloud services.

IREN Secures Nvidia Preferred Partner Status
 

The centerpiece of IREN’s latest announcement is its achievement of NVIDIA Preferred Partner status, a designation that provides the company with enhanced access to NVIDIA’s latest GPU technologies and support services.

As part of this partnership, IREN has procured 1.2k air-cooled NVIDIA B300s and 1.2k liquid-cooled NVIDIA GB300s for approximately $168 million. The company secured $96 million in financing through a 24-month lease structure with a high single-digit interest rate to fund the GB300 purchase, while the B300 GPUs are being funded from existing cash reserves.

These new acquisitions will expand IREN’s GPU infrastructure to approximately 10.9k NVIDIA GPUs, consisting of 0.8k H100s, 1.1k H200s, 5.4k B200s, 2.4k B300s, and 1.2k GB300s. The GPUs will be installed at IREN’s Prince George campus, where construction is underway on a 10MW liquid-cooled installation capable of supporting more than 4.5k GB300s.

According to Co-Founder and Co-CEO Daniel Roberts, this expansion highlights “the versatility of our data center platform – underpinned by nearly 3GW of grid-connected power and scalable to hundreds of thousands of GPUs.”

IREN Stock Continues Rapid Climb
 

IREN’s stock performance has been exceptional, with the company delivering a year-to-date return of 171.18% compared to the S&P 500’s 9.81% gain. Over the past year, IREN shares have surged 212.56%, significantly outperforming the broader market’s 15.50% return. The company’s market capitalization has grown to $6.441 billion, with a forward P/E ratio of 26.95, reflecting investor optimism about its AI cloud services expansion. Trading volume reached 41.8 million shares, well above the average volume of 25 million shares, indicating heightened investor interest following the NVIDIA partnership announcement.

The company’s strategic positioning in both Bitcoin mining and AI cloud services has attracted significant analyst attention, with price targets ranging from $16 to $35 per share and an average target of $23. IREN reported record revenue of $501 million for fiscal year 2025, marking its first full-year profit driven by AI cloud growth and mining expansion.

The company is targeting $200-250 million in AI Cloud annualized revenue by December 2025, representing a substantial revenue opportunity that could drive continued stock appreciation. With 2,910MW of grid-connected power secured across more than 2,000 acres in the U.S. and Canada, IREN is well-positioned to capitalize on the growing demand for AI infrastructure while maintaining its Bitcoin mining operations.

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