IREN Ltd (NASDAQ:IREN) has been one of the market's most explosive AI infrastructure trades of 2025, riding a dramatic pivot from crypto mining into AI cloud and GPU services. IREN stock is up 285% in six months. That rally recently caught the attention of hedge fund legend Paul Tudor Jones — not as a new buyer, but as a seller locking in gains after a massive run.
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According to recent filings, Tudor Investment cut its IREN stake by more than 90%, taking profits after a roughly 300% move from the fund's average buy price. Based on filings and price history, Paul Tudor Jones likely turned roughly $13 million into about $53 million, locking in around $40 million in gains as IREN surged nearly 300% before he trimmed over 90% of the position.
The move hasn't slowed the stock's buzz — but it does add a new layer of nuance to a name that's been trading almost nonstop on momentum.
Microsoft Deal Changed The Narrative
The core reason IREN keeps showing up on traders' screens is execution. In November, the company announced a multi-year $9.7 billion AI cloud contract with Microsoft Corp (NASDAQ:MSFT), providing Nvidia Corp‘s (NASDAQ:NVDA) GB300-powered compute over five years. The deal includes customer prepayments and locks in GPU deployments through 2026 at IREN's Texas campus, anchored by secured power capacity and liquid-cooled data centers.
In one announcement, IREN jumped from speculative pivot story to hyperscaler partner — a leap few AI infrastructure players have managed.
Read Also: IREN CEO Teases Deals Even Bigger Than Microsoft
Dilution Fear Vs. Delivery Reality
That momentum hasn't come without turbulence. IREN recently raised roughly $2.3 billion through convertible notes and equity, funding GPU purchases and data center expansion. The move sparked short-term volatility and dilution concerns, but also reinforced management's willingness to scale aggressively while demand is visible and contracted.
The market's reaction has been conflicted: traders debate capital structure, while the stock continues to trade like an execution story rather than a promise.
Why A Billionaire Trim Isn't A Bear Call
Jones' exit doesn't read like a vote of no confidence — it looks like disciplined profit-taking after an outsized run. For IREN, the bigger signal remains the Microsoft contract, phased deployments into 2026, and a power portfolio built for AI workloads at scale.
The question now isn't whether IREN is "real." It's whether the stock can digest dilution without cooling the momentum that made it one of 2025's most talked-about AI infrastructure names.
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