TLDR
- IREN stock climbed ~6% in Monday’s premarket after a 10.39% drop the previous Thursday
- Anthropic is reportedly tendering for 1.4GW of Australian data center capacity worth $12B–$15B, with IREN named as a shortlisted bidder
- Analysts hold a consensus Buy rating with an average price target of $81.75 — well above current trading levels
- Pictet Asset Management boosted its IREN stake by 349.3% in Q1, acquiring 99,384 additional shares
- Investor concerns persist around an $800M founder equity deal and a Golden State Warriors sponsorship
IREN stock bounced roughly 6% in Monday’s premarket, trading around $41.05, after a brutal Thursday session that saw the stock shed 10.39%.
The catalyst? A report from The Australian Financial Review’s Street Talk column that Anthropic is running a confidential tender for at least 1.4 gigawatts of Australian data center capacity. The project is valued at between $12 billion and $15 billion.
IREN is named as one of a shortlist of bidders. The others include CDC Data Centres, AirTrunk, NextDC, and Stack Infrastructure.
Anthropic wants at least 1 gigawatt of operational capacity online by the end of 2027. It may split the contract across multiple providers rather than going with a single winner.
According to the report, Infratil-owned CDC Data Centres is expected to land the largest share if the project is divided up.
The news gave IREN a company-specific boost at a time when AI-focused bitcoin miners have been under pressure from rising infrastructure costs, competition, and growing capital requirements.
Analyst Outlook
Wall Street remains broadly bullish on IREN despite the recent pullback. The consensus is Buy, with an average price target of $81.75 — more than double where the stock currently trades.
Jefferies started coverage on June 18 with a Buy rating and a $79 target. Macquarie kept its Outperform rating with a $90 target on June 4. B. Riley Securities raised its target to $96 and reiterated Buy on the same day.
Bernstein is sitting at a $100 price target and a Buy rating, pointing to IREN’s data center buildout as the key driver.
Canaccord Genuity bumped its target from $70 to $79 on June 3, also with a Buy. HC Wainwright raised its target to $85 in May.
IREN is scheduled to report earnings on August 27. The Street is modeling a loss of $0.38 per share on revenue of $165.16 million.
That compares to a loss of $0.66 per share and revenue of $187.30 million in the same quarter last year.
Governance Concerns Weigh on Sentiment
Not everything has been positive. IREN’s board signed off on an $800 million founder equity package for its co-CEOs, alongside a Golden State Warriors sponsorship deal.
The moves drew criticism from retail investors and analysts alike, raising questions about capital allocation and potential dilution. A director also sold 11,958 shares, which added to the cautious mood.
Despite those concerns, institutional interest has picked up. Pictet Asset Management raised its stake by 349.3% in Q1, adding 99,384 shares for a total of 127,835 shares worth around $4.38 million.
Several other funds also took new positions in IREN during Q4, including North Star Investment Management, Clearstead Trust, and Aventura Private Wealth.
From a technical standpoint, IREN is still below all key moving averages. It trades 23.2% below its 20-day SMA and 24.9% below its 50-day SMA. Key resistance sits near $45.50, with support around $36.
The stock has a 12-month range of $14.72 to $76.87 and a market cap of $13.87 billion.
4th of July Flash Sale – 50% OFF!
Celebrate Independence Day by investing in your future. For a limited time, get 50% OFF a Knockout Stocks membership and unlock our latest high-conviction stock picks, powered by our proprietary KO Score algorithm.
You'll also get access to our long-term investment ideas and shorter-term trade opportunities, helping you identify potential opportunities before the crowd.
Sign up to Knockout Stocks today and get 50% OFF to unlock the full list of premium stock picks.
Use coupon code SPECIAL50 for your exclusive discount.
Offer ends soon. Don't miss out!
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
