AustraliaOct. 07, 2025 1:15 AM ETIREN Limited (IREN) StockIRENNova Capital10 FollowersSummaryIREN Limited is rated a "Buy" due to its transformation from Bitcoin mining to AI cloud and data center services.IREN is rapidly expanding its GPU fleet, aiming to shift its revenue mix from volatile crypto mining to more stable, high-margin AI infrastructure services.Despite its mining roots, IREN’s forward valuation remains attractive, trading at a discount to neocloud peers like CoreWeave and Nebius, with strong upside potential.I believe IREN is undervalued compared to Nebius, with a projected 60% upside as analyst coverage and revenue mix improve.The main risks are execution on AI expansion and limited Wall Street coverage, but successful GPU deployment could trigger analyst upgrades and further stock repricing.peshkov/iStock via Getty ImagesInvestment Rating – "Hold"Investment Rating – "Buy"IREN Limited (NASDAQ:IREN) stock has increased by over 370% since the beginning of 2025, seeing its market capitalization soar from ~$2.2 billion to now about $12.8 billion in a matter ofThis article was written byNova Capital10 FollowersA seasoned consulting specialist at a leading Central Asian bank, the author behind Novo Capital brings half a decade of experience delivering strategic insight and analysis for the banks clientele within private banking branch. Launching their career back in 2020 after graduating from a top CA university, Novo Capitals analyst developed a resilient methodology forged amidst global market volatility, focusing on corporate valuation, due diligence for investment opportunities, and crafting spot-on forecasts that guide long-term investment strategy. The goal of contributing to Seeking Alpha seems to be quite simple: ideas are worth to be discussed, and one can gain "alpha" only through gaining out-of-consensus information from opinions few professionals have nowadays. Thats exactly the reason Novo Capital was createdAnalyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in IREN over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Comments