AltIndex Buy Signal on Iren Limited: A 585% Gain and What Comes Next
September 27, 3:41 pm
When we issued a buy signal on Iren Limited (IREN) back in April, few could have predicted the incredible run that would follow. Yet just five months later, investors who acted on that signal have seen the stock soar more than 585% - a textbook example of how alternative data and AI-driven insights can identify breakout opportunities before the broader market catches on.
Iren Limited: From Crypto Mining to AI Infrastructure
Iren Limited is an Australia-based company that operates massive data centers powered entirely by renewable energy. Historically, its facilities were optimized for Bitcoin mining - a notoriously power-hungry business. But over the past year, Iren has been pivoting toward artificial intelligence and high-performance computing, leveraging its low-cost renewable power to serve one of the fastest-growing industries in the world.
The shift is timely. Demand for AI compute capacity is surging as companies like Nvidia and OpenAI announce plans to scale out data centers at unprecedented levels. Iren is positioning itself as a key enabler in this new era, aiming to not only provide the infrastructure but also evolve into its own cloud services provider. If successful, this could make Iren one of the largest players in the global AI datacenter market.
Stock Performance
On April 30, when AltIndex’s AI score for Iren hit 69, our system flashed a buy signal. At the time, IREN traded at $6.11 per share. Fast forward five months, and the stock now sits at $41.86, a gain of 585%.
That’s an impressive rally, and a signal of how quickly markets can reprice companies that are aligned with megatrends like AI. Along the way, optimism has spread from early retail interest to major institutional backing:
- Arete Research initiated coverage with a buy rating and a $78 price target based on the company funding its own data center development while also modernizing its crypto mining operations.
- Wall Street sentiment has grown increasingly bullish as AI-related infrastructure becomes recognized as a scarce and valuable asset.
The AltIndex Edge
At AltIndex, our system caught early signals of Iren’s momentum before it became a Wall Street favorite. Several alternative data points drove our conviction:
- Job postings: Up more than 200% year-over-year, signaling rapid expansion.
- Employee growth: LinkedIn data shows headcount up 97% year-over-year.
- Social media traction: Followers on X (Twitter) more than doubled in six months. And Youtube Subscribers has doubled since June, reflecting growing retail and investor interest.
These non-traditional indicators, when aggregated into the AltIndex AI Score, helped us identify Iren as a company on the rise well before its financial metrics told the same story.
What Investors Should Watch Next
While IREN has already delivered staggering gains, the story may just be beginning. Key areas to monitor include:
- Execution on AI Pivot: Watch how quickly Iren scales beyond crypto mining and into AI and HPC services. Partnerships or contracts in this space could accelerate adoption.
- Power Utilization & Revenue: Iren’s ability to efficiently monetize its power capacity will be central to valuation. Every percentage increase in utilization translates into outsized profit growth.
- Cloud Services Ambitions: Becoming its own cloud services provider would be a game changer, moving Iren from infrastructure landlord to a recurring-revenue business model.
- Continued alternative data growth: Keep an eye on webpage traffic, job postings and LinkedIn employees to see if the growth for the company is projected to continue.
Our TakeAway
Momentum in IREN highlights how AI-driven alternative data analysis can spot opportunity long before traditional methods. AltIndex issued its buy signal at $6.11 - months ahead of Wall Street coverage - and today investors are sitting on 5x returns.
This proves once again that Alternative data isn’t just complementary - it’s becoming essential. For investors, Iren shows what can happen when power meets compute demand at the right time. The next phase will be about execution, but if Iren delivers, today’s $13B market cap may look like just the beginning.
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