A Congressman who has been buying Magnificent 7 stocks in 2025 may have made one of his best purchases by scooping up shares of IREN Ltd. (NASDAQ:IREN) earlier this year.
Congressman Only To Buy IREN
Congressman Cleo Fields (D-La.) has invested millions of dollars into Magnificent 7 stocks in August and September, betting on future growth in the technology sector, including the growth of artificial intelligence capabilities.
On Aug. 6, Fields disclosed he invested $15,000 to $50,000 in IREN stock. The transaction, which is tracked on Benzinga’s Government Trades page, represents the only known member of Congress to buy shares of the stock.
IREN stock has soared in 2025 thanks to the company’s pivot from being a Bitcoin (CRYPTO: BTC) mining company to a player in the Data Center AI sector.
Fields is one of the investors in the company who has benefitted along the way.
IREN shares traded between $16.58 to $17.67 on July 10 when he bought the stock. With the stock currently trading at $63.44, Fields is up 259.0% to 282.6% depending on what price he paid.
Any investors who followed Fields into the stock have also benefited. The stock traded between $16.66 and $184.7 on Aug. 6 when the position was disclosed. The stock is up 243.5% to 280.8% from that day’s trading range.
The gains by Fields in a small cap stock that other members of Congress aren’t investing in could be among the reasons why retail investors are following the trading activity of Congress closer today than in recent years.
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What’s Next For IREN?
While many investors missed both IREN’s 500%-plus year-to-date rally and the sizable gains Fields has already booked, there may still be more upside ahead.
EMJ Capital founder Eric Jackson, who has gained a strong following from retail investors, believes shares of IREN can go higher. Jackson, famous for calls on increasing value in Carvana and Opendoor, said recently that IREN’s pivot to AI data centers will pay off.
“The AI boom will mint a new generation of giants. But it’s not the model builders – it’s the compute providers,” Jackson said.
Jackson said IREN is a long-term bet on the growth of AI Data Centers and believes that the stock could go from $9, where he first invested, to $900 based on “math + time.”
“This is not a trade. That’s a 100x wealth machine.”
Jackson said IREN’s investments will lead to $500 million in annualized recurring revenue by 2026.
Tiny Capital co-founder Andrew Wilkinson has also been bullish on IREN stock and believes shares are going higher, despite the already impressive gains in 2025.
Wilkinson called IREN a “Picasso at a garage sale.”
The investors said the company’s shift to cloud services provision and power capacity could make the company the biggest AI datacenter globally. A thread on social media from Wilkinson highlighted the company’s power being greater than the Hoover Dam, with the potential for $4.4 billion in annual profits.
Wilkinson estimated the stock’s value at a minimum of $106, with potential to reach as high as $300 if AI demand continues to grow.
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