IREN Ltd, a cloud infrastructure provider, is positioned for significant growth as the AI infrastructure cloud market expands.

IREN Ltd (NASDAQ:IREN) is positioned as one of the 10 Stocks That Can Still Skyrocket On The Neo Cloud Boom. On June 3, the company reported signing a transmission connection agreement for an 800 megawatt data center in South Australia, marking its first data center in Australia and demonstrating aggressive expansion of its data center footprint. This announcement followed the company's earlier collaboration with Dell to acquire Blackwell GPU systems for its data centers.

IREN's recent momentum reflects several significant partnerships. On May 7, the company announced a partnership with NVIDIA, prompting JP Morgan to raise its target price on May 11 from $39 to $46 per share, though the firm maintained an Underweight rating on the stock. The partnership represents a substantial expansion of AI infrastructure capabilities in IREN's portfolio.

Under the NVIDIA partnership agreement, both companies plan to accelerate the deployment of next-generation AI infrastructure. Up to 5 gigawatts of Nvidia DSX-aligned AI infrastructure will be deployed across IREN's global data center pipeline, with particular emphasis on expanding access to Nvidia-powered AI computing for startups, AI native, and enterprise customers through DSX AI factories. IREN granted NVIDIA an option to purchase up to 30 million IREN shares over the next five years at $70 per share, potentially representing up to $2.1 billion in investment subject to certain conditions, including regulatory approval.

IREN Ltd operates in the data center business, owning and running computing hardware, power systems, and data centers. The company also mines Bitcoin by operating a peer-to-peer network of computers running Bitcoin software. Incorporated in 2018 and based in Sydney, Australia, the company has positioned itself at the intersection of AI infrastructure and cryptocurrency computing.