TLDR
- IREN rose 2.6% to $39.75 on Tuesday, with Bernstein holding the highest price target of $100, implying 146% upside from current levels.
- The consensus rating across analysts is “Moderate Buy” with an average target of $82.71, though JPMorgan holds an “underweight” rating with a $46 target.
- IREN signed $2.8 billion in new multi-year AI Cloud contracts in July and raised its 2026 annualised AI Cloud revenue target to over $4 billion.
- A $3.4 billion five-year cloud deal with NVIDIA was signed in May 2026, and IREN completed a $625 million acquisition of cloud infrastructure firm Mirantis on August 4.
- Jim Cramer, when asked about IREN, directed callers to CoreWeave instead, citing its scale and cheaper valuation.
IREN stock traded at $39.75 on Tuesday, up 2.6% from its prior close of $38.74. The stock touched an intraday high of $40.96 before settling back. Volume came in around 9% below the average session level.
The stock currently trades well below both its 50-day moving average of $46.06 and its 200-day moving average of $46.56. Its beta sits at 4.29, which means it moves hard in both directions.
Bernstein analyst Gautam Chhugani holds the highest price target on the stock at $100. That target was set in May 2026 following IREN’s cloud agreement with NVIDIA, and has been reiterated multiple times since, most recently on July 30. A move to $100 from current levels would be a gain of around 146%.
Chhugani’s July 30 note was titled in part “The semis guys have your back,” pointing to contracts between AMD and Core Scientific and a reported arrangement between Hut 8 and NVIDIA as supporting context for the broader AI infrastructure trade.
The $100 target also sits about 30% above IREN’s 52-week high of $76.87.
What Other Analysts Think
The average price target across 10 analysts tracked by Google Finance is $77.89. Goldman Sachs analyst Michael Ng holds the lowest active target at $50 with a Hold rating, maintained on July 20.
Other targets on the board include $90 from H.C. Wainwright, $79 from Canaccord Genuity and Jefferies, and $58 from Freedom Capital Markets. JPMorgan is the only firm with a Sell-equivalent rating, with a $46 target set in May 2026.
Depending on the aggregator, consensus targets vary: TipRanks puts it at $75.18 across 12 analysts, MarketBeat at $82.71, and Public.com at $76.62 across 13 analysts.
The broader ratings split is seven Buy, three Hold, and two Sell over the past three months per Google Finance.
Contracts and Revenue Targets
IREN signed $2.8 billion in new multi-year AI Cloud contracts in July and lifted its year-end 2026 annualised AI Cloud revenue target to more than $4 billion, up from $3.7 billion. About 85% of that figure is backed by signed contracts.
The company’s $3.4 billion five-year cloud deal with NVIDIA, signed in May 2026, underpinned much of the bullish analyst activity earlier this year.
On August 4, IREN completed its $625 million acquisition of Mirantis, a cloud infrastructure software company.
In its March quarter results, IREN reported revenue of $144.8 million against a $219.87 million estimate and EPS of -$0.30 against an estimate of -$0.22. Analyst Paul Meeks projects revenue rising from $717 million this year to $3.1 billion in FY27 and $8.5 billion in FY28.
Results for the June quarter had not been published as of writing.
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