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Nvidia Is Taking This Crypto Mining Stock Higher Today. Should You Buy Shares Now?
IREN (IREN) shares ended nearly 15% up on Aug. 29 after the artificial intelligence (AI), cloud, and data center company said it has secured “preferred partner” status from Nvidia (NVDA).
In its press release, the crypto mining firm also confirmed that it has procured up to $168 million worth of new Nvidia GPUs, further adding fuel to its explosive stock price rally on Friday.
Betting on IREN’s strategic pivot into AI cloud services has been a moonshot investment in 2025. At the time of writing, the crypto mining stock is up more than 400% versus its year-to-date low.
Is IREN Stock Worth Buying on These Announcements?
Earning the “preferred partner” status with Nvidia is meaningfully positive for IREN stock since it signals deeper integration into the AI ecosystem, instantly boosting the company’s credibility.
The significant procurement of new GPUs expands IREN’s fleet to 10,900 NVDA units, materially improving its AI cloud capacity and positioning it to attract new customers.
Together, these announcements validate IREN’s strategic pivot and cements it as a serios contender in high-performance compute.
This could lead to increased investor confidence and a continued surge in IREN share price in the near term.
IREN Shares Rally on a Strong Q4 Print
IREN shares rallied also because the company posted record revenue for its fiscal Q4 on Friday.
More importantly, the management guided for up to $250 million in annualized AI cloud revenue by year-end, up from the current $26 million only, indicating an impressive growth trajectory that underscores the firm’s rapid transformation into a serious AI infrastructure player.
“We applaud IREN’s foresight in investing early and scaling its GPU business,” JPMorgan analyst Reginald Smith wrote in a post-earnings research note today.
However, IREN stock is not particularly inexpensive to own at a price-sales (P/S) multiple of nearly 12x at the time of writing.
IREN Stock Price Rally May Be Overdone
Investors should also note that Wall Street estimates also now suggest that IREN’s share price rally has gone a bit too far.
The consensus rating on IREN stock remains at “Strong Buy,” but the mean target of about $21.45 indicates potential downside of nearly 20% from here.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.