IREN

IREN · NASDAQ

$26.62−$1.11 (−4.00%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $27.73

IREN analyst rating

BuyConsensus of 13 analysts over the last 12 months. 85% rate it a buy.

Strong buy0
Buy11
Hold2
Underperform0
Sell0

12-month price target · 20 analysts

Average $79.10 (+197.2% upside)

Low: $24.24
Now: $26.62
High: $137.55

Upgrades and downgrades

The latest rating actions, newest first

IREN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
B. Riley Securities	Sep 29, 2026	Maintains	Buy	$96.00 → $91.00	54%
Rothschild & Co	Sep 21, 2026	Initiates	Neutral	$40.00	62%
Northland Capital Markets	Sep 18, 2026	Initiates	Outperform	$99.00	45%
JP Morgan	Sep 14, 2026	Upgrade	Underweight → Overweight	$46.00 → $65.00	54%
BTIG	Sep 14, 2026	Maintains	Buy	$80.00	45%
Freedom Capital Markets	Sep 2, 2026	Maintains	Buy	$58.00	0%
BTIG	Sep 2, 2026	Maintains	Buy	$80.00	45%
Macquarie	Aug 28, 2026	Maintains	Outperform	$90.00	47%
Freedom Capital Markets	Aug 28, 2026	Maintains	Buy	$58.00	0%
Canaccord Genuity	Aug 28, 2026	Maintains	Buy	$79.00	49%

The case for and against

Updated Oct 15, 2026

Bull case

IREN is positioned to benefit from a vertically integrated model that combines renewable power, owned data centers, and GPU supply, giving it scarce control over both compute and energy in a tight AI infrastructure market. Its AI cloud business already supports about $4B of run-rate GPU-as-a-service revenue and 2026 capacity is effectively sold out, while long-term contracts with Microsoft and other major AI customers improve visibility and de-risk expansion. With over 5GW of potential power capacity, about 730MW of compute expected next year, and pricing rising sharply on 3- to 5-year deals, the company has multiple levers for margin expansion and cash flow growth as it converts bitcoin capacity to AI use.

Bear case

IREN is exposed to significant execution risk as its shift from bitcoin mining to AI cloud services depends on rapidly scaling its GPU fleet, securing power and land, and avoiding delays at facilities such as Sweetwater that could cause cost overruns and cap revenue potential. The company also faces pricing and demand risk if GPU demand decelerates, while competition, supply chain bottlenecks, regulatory hurdles, customer concentration, and reliance on attractive financing or potential equity raises could pressure margins and dilute shareholders. Although estimates call for F2027 revenue of $2.85B and adjusted EBITDA of $1.93B with 104,279 average GPUs deployed, the model also assumes bitcoin mining revenue falls to $44.7M and operations are fully offline by the end of F2Q27 (C4Q26), underscoring the transition risk.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.