Iren (Iren), one of the largest In the United States, minors stand out from the peloton, and Wall Street takes note.
Bernstein analysts have increased their price target on Iren to $ 75, against $ 20, which involves around 80% of the increase, while the minor is coupled with his own AI cloud activities rather than counting on co-location agreements with partners like Coreweave (CRWV).
Iren has already had a major movement, in advance of more than eight times compared to its low 52 weeks of $ 5.13 in April. Actions are higher 365% in annual shift.
The broker now considers the pivot of IREN AI as credible, despite early skepticism as to the minor’s ability to execute on a construction of high capital intensity data centers and to compete with AI cloud players linked to hyperscalers and NVIDIA (NVDA).
Iren guides rapid growth, indicates the report, with $ 500 million in Recurrent annual income from T1 2026 on 23,300 GPUs, compared to around $ 14 million in the first quarter of 2025.
Beyond AI, Iren retains flexibility with its Gigawatt power portfolio (GW), balancing Bitcoin exploitation and IA workloads to maximize income by Megawatt, wrote analysts from Bernstein led by Gautam Chhugani.
According to analysts, its 50 EH / S mining operation generates around $ 600 million in Ebitda annualized at the current Bitcoin prices, funding its expansion of AI, according to analysts.
Bernstein has moved his assessment approach to a model of part of parties, attributing 87% of the value of the company to the AI Cloud and to the co-location potential on the 2GW site in western Texas of Iren, the remaining 13% from Bitcoin extraction.
To the revised objective, Iren would be negotiated at $ 7.5 million by Megawatt (MW), above other AI minors, but also well below the peers of the established data center like Coreweave, suggesting an additional place for multiple expansion, added the report.
Find out more: IREN shares increase by 11% in pre-commercial exchanges while Bitcoin Miner Doubles the Fleet of Clouds AI
