IREN shares surged 17% in premarket trading on August 29 and opened at $27.43 per share, 19% above the previous day’s close of $23.04. The bitcoin miner and AI infrastructure company reported fiscal Q4 revenue of $187.3 million, up 228% year-over-year, and earnings of $0.21 per share, topping analyst estimates of $0.18 per share.
The record results helped IREN swing to a Q2 net income of $176.9 million, marking its return to profitability, and drove full-year revenue to a record $501 million with net income of $86.9 million, compared to a loss of $28.9 million in FY24.
In the early morning trading session of August 29, IREN’s market capitalization climbed to $6.3 billion, surpassing MARA Holdings as the largest bitcoin miner by market value. MARA had a market cap just under $5.9 billion at the same time.
In the earnings call, IREN highlighted its growing AI business, noting a 132% increase in GPU capacity to 1,900 Nvidia GPUs and its new Nvidia “preferred partner” status. The company plans to expand its GPU fleet to 10,900 by year-end.
Earlier this week, IREN announced that it had grown its GPU fleet to 8,500 Blackwell units while securing $102 million in financing.
Read More: IREN reports $501 million in revenue for FY2025, targets 10.9k GPUs by end of year
At time of publication, IREN is up 18.2% from yesterday’s close.
