Iris Energy Limited (IREN) — closed signal from September 14, 2025
Target reached Published before the outcome was known, scored automatically when the window closed on December 13, 2025.
Predicted vs. what happened
What happened
Reached its target in 10 days.
The thesis — published September 14, 2025
Iris Energy is shifting from crypto to renting out powerful computers for AI. Nvidia chose them as a preferred partner, and they plan to add 60,000+ new Blackwell chips. Trading has shown lots more buyers than usual, and the price ran up 25% in a week on the AI news. Over the next three months, the big drivers are chip deliveries and early customers starting to use the service, which could push results higher if ramps go smoothly.
Primary drivers
- Preferred by Nvidia; planning many Blackwell chips to expand AI power
- Heavy buying and active trading point to a sturdy uptrend in the stock
- AI needs are rising, widening the potential customer base for compute
- Recent strong rise suggests solid backing from major tech and investors
How it played out
IREN: target reached in 10 days
Lyra published IREN at $33.96 on 2025-09-14, with expected growth of 45% over a short-term window. The thesis pointed to a shift from crypto into renting powerful computers for artificial intelligence, Nvidia preference, plans for 60,000+ new Blackwell chips, heavy buying, and early customer use as the main setup.
Inside the window, IREN reached the $49.24 target in 10 days. The stock later peaked at $76.87 on 2025-11-05, a 126.4% peak gain. It ended the window at $40.13. The thesis played out on price. It reached the target and went well past it before giving back part of the move.
What happened during the window
On October 7, 2025, IREN announced new multiyear cloud services contracts for Nvidia Blackwell GPU deployments. On November 3, 2025, IREN announced a five-year Microsoft GPU cloud services contract valued at about $9.7 billion, including a 20% prepayment, and a Dell purchase agreement for about $5.8 billion of GPUs and related equipment.
Prices are shown split- and dividend-adjusted, matching what public charts show today.
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