Iren is taking a gradual approach to growing AI infrastructure, using Bitcoin mining revenue to invest in AI cloud expansion, according to Howard Smith of The Motley Fool. CoreWeave went public in March 2025, with shares soaring from an IPO price of $40 to over $180 per share within just a few months. Iren, a Bitcoin miner, reported almost $87 million in net income for fiscal 2025, which ended June 30, 2025, before funneling mining revenue into AI cloud services. It still generated nearly half of its revenue from Bitcoin mining in the latest quarter, down from more than 75% in the prior quarter, while AI cloud service revenue for the full fiscal year rocketed nearly eight times higher than in fiscal 2025. Iren is again reporting net losses due to platform investments and cash impairments for decommissioning Bitcoin hardware and expanding cloud services. JPMorgan Chase analyst Richard Choe upgraded his firm's rating from a sell equivalent to a buy, skipping the "hold" level entirely, and increased the price target from $46 to $65 per share, reports Barron's, representing roughly 50% upside from the levels of Sept. 18. The firm sees Iren gaining traction in acquiring new customers and believes its strategic alliance with Nvidia has enhanced its credibility, with AI cloud revenue more than doubling over the last two quarters.