Polarization rotation is an important parameter in the design of passive and active photonic components (optical isolators, magneto-optical valves, and magnetic field sensors). This effect is particularly important in materials with delocalized electrons and large atomic orbital moments like CdMnTe, which is an excellent candidate due to its large Zeeman splitting that gives rise to large Faraday rotation. In this paper we report a giant intensity dependent nonlinear Faraday rotation in iron doped Cd0.85Mn0.15Te:Fe crystal. Rotation on the order of 12o in magnetic field of the order of 0.55 T and intensities of 1.832 GW/cm2 can be achieved in a 1.9 mm thick sample. This is 60 time larger in magnitude than previously reported values. In large magnetic field, this intensity dependent rotation will be able to compete with two photon absorption in large magnetic fields, and enhance the linear faraday rotation.