Shares of Bitcoin miner-turned-AI neocloud company IREN Limited (NASDAQ: IREN) surged 284.6% in 2025, as it transitioned from a small Bitcoin miner to an AI cloud service provider. After launching its AI neocloud platform in late 2024, IREN secured significant AI cloud customers in mid-2025. The company’s substantial 2.91 gigawatts of grid-connected, renewable energy resources became increasingly valuable as investors recognized power availability as a major factor in AI development.
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