TLDR
- IREN stock has 19 analyst ratings with “Moderate Buy” consensus and $67.64 average price target, 47% above current $46.03 price.
- Q1 fiscal 2026 revenue reached $240.3 million, up 355% year-over-year, though EPS missed at ($0.34) versus $0.14 consensus.
- Microsoft signed a $9.7 billion five-year deal for NVIDIA GPU deployment generating $1.94 billion annual revenue with 85% EBITDA margins.
- Bernstein analyst called IREN the top AI infrastructure pick for 2026 as crypto markets stabilize.
- April 2026 Sweetwater facility launch will add 1.4 gigawatts capacity with 140,000 GPU deployment goal by year-end.
IREN stock closed Friday at $46.03, gaining 0.7% as Wall Street analysts debate the company’s transition from Bitcoin mining to AI infrastructure services.
Nineteen analysts rate IREN with a “Moderate Buy” consensus. Twelve analysts recommend buying, five rate hold, and two suggest selling. The average 12-month price target sits at $67.64, implying 47% upside from current levels.
Bernstein analyst Gautam Chhugani named IREN his top AI infrastructure pick for 2026 on Friday. He told investors to buy on dips and stated crypto markets have bottomed. Bernstein maintains an “outperform” rating with a $75 price target.
BTIG Research increased its target from $32 to $75 in October. Roth Capital set a $94 target in November. JPMorgan raised its price objective from $28 to $39 while keeping an “underweight” rating.
Revenue Growth and Earnings Reality
Q1 fiscal 2026 results revealed IREN’s business transformation. Revenue hit $240.3 million, up 355% year-over-year as AI infrastructure services replaced traditional mining operations.
The earnings picture disappointed investors. IREN reported ($0.34) EPS compared to the $0.14 consensus estimate, missing by 48 cents. Revenue fell slightly short of the $244.6 million forecast.
The company posted $92 million in adjusted EBITDA. Net margin reached 86.96% despite a negative 3.60% return on equity. Wall Street analysts project 0.43 EPS for the current fiscal year.
IREN trades with a $13.05 billion market cap and 23.73 price-to-earnings ratio. The stock’s 4.25 beta indicates high volatility. Shares have ranged from $5.13 to $76.87 over the past 52 weeks.
Microsoft Partnership Drives Future Growth
IREN announced a $9.7 billion five-year Microsoft agreement in November 2025. The contract will generate approximately $1.94 billion in annual revenue with projected 85% EBITDA margins.
The deal involves deploying NVIDIA GB300 graphics processing units at IREN’s Childress, Texas facility. Co-CEO Daniel Roberts described it as a “milestone partnership” validating the company’s technical infrastructure.
IREN raised $1 billion through convertible notes in late 2025. That capital funds hardware acquisitions and infrastructure development for the Microsoft project.
The Sweetwater facility energization is scheduled for April 2026. This expansion adds 1.4 gigawatts of power capacity. Management plans to deploy 140,000 GPUs by year-end 2026. IREN now controls approximately 3 gigawatts of secured power capacity.
Institutional investors hold 41.08% of outstanding shares. Value Aligned Research Advisors owns 3,873,337 shares valued at $181.8 million after boosting its position 18.6% in Q3.
Bitcoin traded near $90,600 entering the weekend. Mining sector peers showed mixed results Friday: Marathon Digital dropped 2.0%, Riot Platforms gained 1.3%, and CleanSpark fell 3.1%.
December CPI data releases January 13 at 8:30 a.m. ET. The Federal Reserve holds its next policy meeting January 27-28. Traders reduced rate cut expectations following Friday’s employment report.
IREN registered 17.5 million shares via Form S-8 for its 2025 employee compensation plan. The company’s next earnings report is expected around February 11 per Zacks estimates.
