CoreWeave (NASDAQ: CRWV) generated incredible excitement when it went public in March 2025. Shares soared from their initial public offering (IPO) price of $40 to over $180 per share within just a few months. That was because the company had been building out compute capacity to support cloud services requiring significant processing power for several years.
That's exactly what artificial intelligence (AI) labs need, and CoreWeave continues to expand its AI infrastructure. Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005.
But according to our analysts, we're only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue » But investors are noticing a competitor with a different approach that gives it an advantage on the path to profitability.
That company is Iren (NASDAQ: IREN), and it is one investors should dig into. Iren was running a profitable business when management made a pivotal decision. The Bitcoin miner had a record fiscal 2025, reporting almost $87 million in net income for the period, which ended June 30, 2025.
But the company realized its assets could be more valuable when offered for high-performance compute needed by AI developers. Iren gradually began funneling its Bitcoin mining revenue into growing infrastructure for those AI cloud services. It still generated nearly half of its revenue from Bitcoin mining in the latest quarter, but that puts the business at an inflection point.
In the prior quarter, more than 75% of revenue came from Bitcoin operations. Now, its investments into AI infrastructure are beginning to drive the business forward. For the full fiscal year, AI cloud service revenue rocketed nearly eight times higher than in fiscal 2025.
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