IREN Limited is rapidly transforming from a Bitcoin mining operation into a prominent player in AI data infrastructure, aiming for $3.4 billion in annual recurring revenue by 2026. This shift is fueled by a significant $9.7 billion deal with Microsoft and the acquisition of over 4.5 gigawatts of renewable energy. Despite achieving nearly 60% stock growth since March, concerns about potential dilution and execution risks persist. The company plans to deploy 140,000 GPUs, reflecting its ambitious goals amid a market eager for AI solutions.
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