Forget Nvidia: This Infrastructure Upstart Is The Real Backdoor AI Winner

IREN, an Australian AI infrastructure company that transitioned from Bitcoin mining, has rallied nearly 150% over the past 12 months. With major contracts from Microsoft ($9.7B) and Nvidia ($3.4B), analysts project IREN's revenue will grow from $510M in fiscal 2025 to $6.44B by fiscal 2028. Trading at attractive valuations relative to growth expectations, IREN is positioned as a potential outperformer compared to larger AI leaders like Nvidia.