This data center operator has surged 221% in the past six months by pivoting from Bitcoin mining to AI infrastructure -- but the best may be yet to come.

Iren Limited ( IREN 14.93% ) has emerged as one of the most explosive growth stories of 2025, with shares surging 221% over the past six months and 68% in just the last 30 days. The company's $7.2 billion market cap might seem stretched for a business primarily known for Bitcoin mining just a year ago.

But Iren's aggressive pivot to artificial intelligence (AI) infrastructure has transformed it into something far more valuable: a picks-and-shovels play on the AI gold rush. Here's why the stock still scans as a bargain, despite its massive rally.

The transformation from crypto to AI infrastructure

Iren's fiscal 2025 result

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