This article will discuss billionaire Stephen Mandel’s 10 stocks with huge upside potential.
With economic policy and trade tensions fueling volatility, investors are moving through one of the most unpredictable markets in recent times. The Federal Reserve has taken a wait-and-see stand and maintains elevated interest rates to control inflation. In a CNBC report, the Fed commented that a rate cut could happen as early as June if economic conditions declined further. Such monetary easing would make the stock prices go up, with some companies even outperforming their peers in the market.
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The possibility of falling rates is a big deal for investors. Lower interest rates have often led to higher equity valuations, making borrowing cheaper and compressing discount rates applied to future earnings. Various stocks, irrespective of their sector, have historically shown strong rebounds during previous periods of rate cuts. Seasoned investors like billionaire Chase Coleman have also observed similar patterns. Leading the charge among them is growth stocks.
In addition to the renewed trade conflicts under President Trump’s tariff policies, the looming uncertainties are thickening with inflation getting closer to the Federal Reserve’s 2% target. Under these circumstances, having understood the potential of a confirmed pivot from the Fed on loosening the monetary policy, the investors are keeping a close watch on their moves since it would also inevitably benefit stocks with substantial upside potential.
But isn’t betting on short-term moves risky? Of course, it is. However, as reported on CNBC, the market indices suffered a sharp 12% correction earlier this month but staged a quick comeback. Those who panicked and sold at the lows are now regretting their decisions. This episode raises the importance of maintaining discipline and a long-term view when making investment decisions.
Setting aside the turbulence, historical data could be used to understand the importance of equities in wealth accumulation. Between 1926 and 2024, the U.S. stocks surpassed the Treasury bills by providing an annual return of 10.2%, which exceeded the Treasury’s 3.3%. To benefit from such an edge, the investors must endure through volatility and understand that 10% to 20% declines are part of the game.
In this economic landscape, investors should follow the billionaire investors. Using their knowledge about the market and companies and by conducting extensive research, some billionaire investors like Andreas Halvorsen have made investment decisions, stuck to them, and benefited immensely. Similarly, with his strategically positioned portfolios, one of the most prominent billionaire investors, philanthropists, and the founder of Lone Pine Capital, Stephen Mandel, guides other investors to capture outsized returns without reacting impulsively to market noise.
In this regard, growth stocks remain an attractive investment even during this current period of uncertainty. To those who want to refine their portfolio, the stocks that have managed to gain the attention of billionaire Stephen Mandel present great potential. To help you pick the best out of the best, we have compiled a list of 10 stocks from billionaire Stephen Mandel’s portfolio and ranked them, too.
Let’s count down from 10 to 1, our top Stephen Mandel’s picks with huge upside potential. Our top 5 may already be in your portfolio.
Stephen Mandel of Lone Pine Capital
Our Methodology
Several criteria have been employed when compiling our list of billionaire Stephen Mandel’s 10 stocks with huge upside potential. All the stocks in our list are primarily part of Stephen Mandel’s Lone Pine Capital private equity firm’s portfolio. Following this crucial criterion, we looked for stocks with a high percentage holding in the portfolio. It is to ensure that the article covers the top picks from the billionaire investor. We also looked at the upside potential of the stocks since they represent the future appreciation value of the investors’ capital. We have used this upside potential to rank our picks as well. All the data in the article was taken from financial databases and analyst reports, with all information updated as of April 27, 2025.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
10. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)
% holding in portfolio: 0.07%
Upside Potential: 33.86%
The world’s largest dedicated semiconductor foundry, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), produces chips for major tech companies. The company specializes in advanced manufacturing nodes in Taiwan, including 3nm and 5nm technologies. Samsung and Intel pose tough competition in the global market, but with technological leadership, superior yield management, and a pure-play foundry model, the company gains a competitive edge. In addition to high-performance computing, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) dominates the automotive and mobile markets with technological innovation.
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) represents 0.07% of Stephen Mandel’s portfolio. Though ranked lowest on our list, the percentage holding suggests a cautious but strategic positioning. The demand for the company’s 3nm and 5nm technologies has increased its net revenue for the fourth quarter of 2024 by 14.3%. Though the company anticipates a 5.5% decline in revenue in the first quarter of 2025 owing to smartphone seasonality, sales are projected to pick up mid-year, causing a 38% year-over-year increase at the end of the second quarter.
Despite the small stake, the substantial 33.86% upside potential marks Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) as a sleeper among the best billionaire stocks.
9. Vistra Corp. (NYSE:VST)
% holding in portfolio: 1.58%
Upside Potential: 35.82%
Based in Texas, Vistra Corp. (NYSE:VST) operates as an integrated retail electricity and power generation company. The company focuses on serving residential, commercial, and industrial customers in the U.S. Its portfolio includes a diversified mix of natural gas, nuclear, solar, and battery storage assets. Vistra Corp. (NYSE:VST) differentiates itself from its peers through its efficient risk management system and strategic investments in renewable energy. The company’s strong cash flow also supports debt reduction, maximizing shareholder returns.
Vistra Corp. (NYSE:VST) makes up 1.58% of Mandel’s portfolio, a meaningful investment in an often-overlooked sector. At present, the company is performing well, reaching a full-year adjusted EBITDA of $5.656 billion, thereby surpassing the high end of its original guidance range for 2024. During the period, the company also saw the successful completion of a valuable acquisition. The company obtained 1 million retail customers and added three new nuclear sites to its portfolio through the acquisition. Having secured two large power purchase agreements for its renewable pipeline, the company released its operational adjusted EBITDA guidance for 2025, which is set in the range of $5.5 billion to $6.1 billion.
With an impressive upside potential of 35.82%, Vistra Corp. (NYSE:VST) is a prime example of the billionaire’s sound strategy of moving early into energy transitions before mainstream investors catch on.
8. Flutter Entertainment plc (NYSE:FLUT)
% holding in portfolio: 1.08%
Upside Potential: 36.81%
An Ireland-based company, Flutter Entertainment plc (NYSE:FLUT) is a global leader in sports betting, gaming, and entertainment. The company operates through brands such as FanDuel, Betfair, and PokerStars. With a diversified geographic presence across North America, the UK, Australia, and Europe, the company challenges its peers, including DraftKings, Entain, and BetMGM. Its superior brand recognition and proprietary technology platforms give it a competitive edge. Flutter Entertainment plc (NYSE:FLUT) captures growing demand in regulated betting markets by using its omni-channel strategy to drive customer engagement.
At 1.08% of his portfolio, Stephen Mandel’s investment in Flutter Entertainment plc (NYSE:FLUT) signifies confidence in the company’s growth possibilities. The company reported a strong financial performance in 2024, registering a growth in revenue of 19%. Its sports betting and iGaming business has also flourished over the years, each earning 43% and 26% market share, respectively, thus strengthening the company’s leadership position in the U.S. The company is en route to achieving its goals for 2027, including $300 million in annualized cost savings. For 2025, the company anticipates revenue between $15.48 billion and $16.38 billion, up from $14.05 billion in 2024.
Analysts have estimated an upside potential of 36.81%, suggesting an explosive opportunity for investors looking for the best billionaire gaming and entertainment stocks to back up their portfolios.
7. Constellation Energy Corporation (NASDAQ:CEG)
% holding in portfolio: 0.55%
Upside Potential: 38.12%
Located in Maryland, Constellation Energy Corporation (NASDAQ:CEG) is the largest producer of carbon-free energy in the U.S. The company focuses on operating nuclear, solar, wind, and hydroelectric assets. It offers clean and affordable energy solutions to serve commercial, industrial, and residential customers. The company’s key competitors include Vistra Corp, against whom the company uses its low-carbon portfolio and extensive customer reach to gain more market share. Its strong regulatory advocacy efforts further position it as a leader in the transition toward a sustainable energy economy.
Constellation Energy Corporation (NASDAQ:CEG) represents 0.55% of Mandel’s diversified holdings. Constellation Energy Corporation (NASDAQ:CEG) has effectively utilized the opportunities in the market, as reflected in its adjusted operating earnings per share of $8.67 for the full year 2024, which far surpassed the top end of its revenue guidance for the year. During the year, the company has also entered into a 20-year power purchase agreement with Microsoft. This agreement favors the launch of the Crane Clean Energy Center, which is expected to restore 835 megawatts of reliable, clean, carbon-free energy to the grid. The company entered 2025 with an operating earnings guidance range of $8.90 to $9.60 per share, generating a positive outlook for its business in the market.
For investors anticipating a surge in demand for low-carbon power sources across North America, the upside potential of 38.12% makes this billionaire stock a worthy investment in our list.
6. Salesforce, Inc. (NYSE:CRM)
% holding in portfolio: 0.16%
Upside Potential: 40.00%
A global leader in customer relationship management (CRM) software and enterprise cloud computing solutions, Salesforce, Inc. (NYSE:CRM) offers Sales Cloud, Service Cloud, Marketing Cloud, and a suite of AI-driven analytics tools. Located in California, the company competes with industry giants like Microsoft Dynamics and Oracle, using its valuable platform ecosystem and innovation in artificial intelligence. Its subscription-based model allows the company to ensure sustainable revenue streams and to retain a strong customer base across industries.
Stephen Mandel allocates 0.16% of his portfolio to Salesforce, Inc. (NYSE:CRM). Though low, the percentage holding signals selective optimism toward cloud enterprise solutions. Subsequently, the company has achieved a revenue growth of 9% in 2024, reaching $37.9 billion. CRM also recorded its highest cash flow in history after achieving its $60 billion milestone in Remaining Performance Obligation (RPO). Its Data Cloud and AI generate an annual recurring revenue (ARR) growth of 120% year-over-year. With its newly introduced products, Data Cloud and Agentforce, also joining the multibillion-dollar product lines, the company has set the revenue guidance range for 2026 between $40.5 billion and $40.9 billion.
Salesforce, Inc. (NYSE:CRM) has an upside potential of 40%, representing a solid faith in the stock’s future growth. If added, the billionaire stock could potentially elevate the value of the investor’s portfolio in a period of 1 year.
5. AppLovin Corporation (NASDAQ:APP)
% holding in portfolio: 0.32%
Upside Potential: 89.65%
California-based company AppLovin Corporation (NASDAQ:APP) operates a software platform that enables developers to market, monetize, and grow mobile applications. Its portfolio includes mobile ad tech solutions, gaming studios, and AI optimization tools. The company stands apart from the rest of the market by concentrating on vertical integration across user acquisition and monetization. Focusing on in-app bidding technologies without compromising the innovations in AI engines has gained it a significant position in the mobile ecosystem.
Around 0.32% of Stephen Mandel’s portfolio is comprised of AppLovin Corporation (NASDAQ:APP)’s stakes. It reflects limited confidence in the mobile app monetization area. The company reached a high revenue of $1.37 billion in the fourth quarter of 2024, a 44% increase compared to the previous year. It is also expanding its advertising platform beyond gaming, moving further into e-commerce and attracting a broader range of advertisers. AppLovin Corporation (NASDAQ:APP) expects the total revenue to be between $1.355 billion and $1.385 billion in the first quarter of 2025, with its apps segment specifically contributing between $325 million and $335 million in revenue.
AppLovin Corporation (NASDAQ:APP)’s upside potential has been estimated to be 89.65%, turning the billionaire stock into a significant opportunity for investors seeking growth stocks. The rising demand creates the opportunity for app-based advertising platforms.
4. Bitdeer Technologies Group (NASDAQ:BTDR)
% holding in portfolio: 0.51%
Upside Potential: 94.68%
Headquartered in Singapore, Bitdeer Technologies Group (NASDAQ:BTDR) specializes in providing digital asset mining solutions, cloud hash rate services, and mining machine hosting. Competitors like Marathon Digital Holdings intensify rivalry in the market. However, with leveraged partnerships, mining expertise, and up-to-date technologies, the company optimizes Bitcoin production efficiency, thus gaining a strong foothold in the industry. Its operational flexibility across Asia, North America, and Europe increases the company’s resilience against regulatory shifts. Amid the volatile nature of the cryptocurrency markets, the company ensures consistency in its revenue stream through its vertically integrated business model.
Bitdeer Technologies Group (NASDAQ:BTDR) makes up 0.51% of Mandel’s portfolio, demonstrating an early bet by the billionaire on digital asset infrastructure. The April 2024 halving and higher global network cash rate have impacted the revenue in Q4 2024, causing a decline to $69 million. On the other hand, the company is prioritizing the development of its own ASIC technology, which is expected to allow for differentiation and offer a notable cost advantage. For 2025, the company intends to focus on multiple key areas. This includes energizing Bitdeer’s SEALMINER A1s and continuing chip roadmap execution on SEALMINER A2 and A3.
With a 94.68% upside potential, Bitdeer Technologies Group (NASDAQ:BTDR) earns its way into our list of best billionaire stocks from Stephen Mandel’s portfolio. The considerable growth in blockchain technology makes stock attractive for income-seeking investors.
3. Cipher Mining Inc. (NASDAQ:CIFR)
% holding in portfolio: 0.65%
Upside Potential: 127.27%
A New York-based company, Cipher Mining Inc. (NASDAQ:CIFR) engages in Bitcoin mining operations utilizing renewable energy sources. The company is a subsidiary of Bitfury Group and focuses on large-scale, U.S.-based mining facilities with a sustainable strategy. TeraWulf Inc., IREN Limited, and CleanSpark, Inc. increase the level of competition in the market. However, the company’s cost discipline, operational scalability, and access to the latest technology offer competitive advantages. Cipher Mining Inc. (NASDAQ:CIFR) aims to capitalize on the geographic diversification of mining power in the post-China Bitcoin mining environment.
Cipher Mining Inc. (NASDAQ:CIFR) occupies approximately 0.65% of Mandel’s holdings, hinting at a bold wager on the future viability of the crypto-mining industry. The company has nearly doubled its revenue between Q3 and Q4 of 2024, reaching $42 million. Odessa fleet has been updated during the period, causing a rise in the self-mining hash rate to 13.5 exahashes per second. In the third quarter of 2025, the hash rate is expected to grow to 23 exahashes per second, enabling the company to achieve the forecasted analyst revenue of $276 million for 2025. Cipher Mining Inc. (NASDAQ:CIFR) has also raised a $50 million investment from SoftBank to expand its data center development business.
The company appears more appealing to investors seeking billionaire-backed aggressive growth stocks because of its staggering upside potential of 127.27%.
2. TeraWulf Inc. (NASDAQ:WULF)
% holding in portfolio: 0.39%
Upside Potential: 200.00%
TeraWulf Inc. (NASDAQ:WULF) develops and operates environmentally friendly Bitcoin mining facilities powered by zero-carbon energy sources. Based in Maryland, the company competes with Argo Blockchain, Cipher Mining Inc., and Bitfarms. Its business strategy focuses on vertical integration and energy cost management to increase sustainability. The company’s mining sites, co-located with hydro and nuclear energy plants, significantly reduce environmental impact. With high efficacy in regulatory compliance, the company positions itself as an emerging leader among eco-conscious Bitcoin miners, attracting institutional and ESG-focused investors.
TeraWulf Inc. (NASDAQ:WULF) makes up 0.39% of Stephen Mandel’s portfolio, reflecting calculated exposure of the investment to the growing green crypto-mining sector. The revenue of the company for the year 2024 stands at $140.1 million, up from 2023 by 102%. Higher Bitcoin production, in addition to favorable Bitcoin pricing, has contributed to this immense growth in revenue. For 2025, the forecasted revenue stands at $250 million. Having achieved a hash rate of 9.7 exahash per second, the company improved fleet efficiency, thereby increasing the hash rate to 13.1 exahash per second. The signing of the 10-year, 72.5-megawatt data center lease agreement with Core 42 has secured revenue of $1 billion during the lease period.
The company would benefit from surging interest in sustainable energy solutions within digital asset ecosystems. Hence, with a significant upside potential of 200%, TeraWulf Inc. (NASDAQ:WULF) stands out as one of the best billionaire stock bets.
1. IREN Limited (NASDAQ:IREN)
% holding in portfolio: 0.33%
Upside Potential: 217.28%
IREN Limited (NASDAQ:IREN) is an Australian company committed to utilizing renewable energy in Bitcoin mining operations. Formerly known as Iris Energy, IREN Limited competes with Hut 8 Mining, TeraWulf Inc., Hive Blockchain Technologies, among others. The company has decentralized data centers across North America, providing it with access to low-cost hydroelectric and wind power sources. With modular data centers and long-term power contracts, the company enhances scalability and supports its sustainable cryptocurrency mining strategy.
Mandel is willing to tap into the high-risk, high-reward digital infrastructure, with IREN Limited (NASDAQ:IREN) making up 0.33% of his portfolio at the end of Q4 2024. As per the company’s recent quarter report, IREN Limited (NASDAQ:IREN) optimizes its AI Cloud Service because of the rising demand for NVIDIA H100/H200 chips. Adjusted EBITDA for the period stands at $54.7 million. The company has also announced the implementation of direct-to-chip liquid cooling in existing data centers for efficient high-density AI computing, which is expected to support its rapid growth. Expanding its infrastructure, the company aims to secure a 600MW grid connection with AEP Texas for its West Texas Sweetwater 2 project. IREN Limited (NASDAQ:IREN) regards it as a key step in its 2GW Sweetwater data center hub development.
With an extraordinary upside potential of 217.28%, the company tops our list of best Stephen Mandel stocks for investors. This billionaire-backed stock relies on mining efficiency innovations and emerging interests in the blockchain sector for its growth potential.
Overall, IREN Limited (NASDAQ:IREN) ranks first among Stephen Mandel’s 10 stock picks with huge upside potential. While we acknowledge the potential of IREN, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks have lost around 25%. If you are looking for an AI stock that is more promising than IREN but trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
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