International Data Center Name Faces Attractive Technical Setup
Iren Limited is a promising play with prospects in bitcoin mining, AI cloud services, high-performance computing and more.
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Market action is mixed on Monday, with breadth running about 3,000 gainers to 2,400 decliners. Small caps are exhibiting some relative strength, while the Magnificent Seven MAGS are lagging with a loss of about 0.6%.
It is dull action and reflects a high level of disinterest in the waning days of summer. Investors are waiting to see if the Trump-Zelensky meeting leads to any progress, and later in the week, there are a number of earnings reports in the retail sector, including Home Depot HD and Target TGT.
I’ve been playing a little more defense and have raised some cash, but I’m looking for some good chart setups. One that caught my eye is Iren Limited IREN. IREN is an Australia-based company that owns and operates next-generation data centers powered entirely by renewable energy. It is headquartered in Sydney, Australia, and was founded in 2018. IREN focuses on providing high-performance computing solutions in the following areas:
- Bitcoin Mining: IREN operates large-scale, grid-connected data centers optimized for Bitcoin mining, primarily using hydroelectric energy in regions like British Columbia, Canada, and expanding to Texas.
- AI Cloud Services: IREN has pivoted to support artificial intelligence (AI) workloads. It offers AI cloud services using Nvidia GPUs and advanced infrastructure designed for demanding AI training and inference tasks. This includes partnerships, such as with Dell, to provide sustainable AI solutions for enterprises and startups.
- High-Performance Computing (HPC): The company’s data centers are purpose-built for power-dense computing applications, including colocation and build-to-suit infrastructure for scalable workloads. They are strategically located in renewable-rich, fiber-connected regions across North America, with six data centers, 2,409 acres of land, and 2,910 MW of secured power.
- Renewable Energy Focus: IREN emphasizes sustainability, using 100% renewable energy (sourced directly or through renewable energy credits) for its operations, aligning with environmental goals. Its facilities are vertically integrated, allowing control over site development, power procurement, and operations for efficiency and reliability.
In the first quarter of 2025, the company saw revenues grow 172% to $148.1 million, and EPS improved to $0.11 from $0.08. For the fiscal year ending June 30, 2026, the company expects eps of $1.16. Its next earnings report is due on August 28 after the close.
Technically, the stock has been in a trading range in the $15 to $20 area since early July. It is pushing against overhead resistance at $20 and has had good volume and momentum. As always, we will not chase the stock on Monday but will look to aggressively trade it as it develops further.
At the time of publication, DePorre was long IREN.
