IREN Limited's stock price surged by 284.6% in 2025, as the company transformed from a small Bitcoin miner into a major AI cloud service provider. The company's strategic advantage lies in its renewable energy land with 2.91 GW of grid connection, which is a scarce asset in the era of booming AI. After gaining the status of NVIDIA's "Preferred Partner" in August, allowing access to over 10,900 GPUs, the company also reached a milestone agreement with Microsoft, leading to a surge in investor demand for its capacity.