Bernstein raised its price target on IREN to $75, up from its previous target of $20. Analysts maintained their outperformance assessment on the stock.
IREN is gaining attention as one of the largest privately-owned Bitcoin (BTC) miners in the US. Analysts at Bernstein have updated their price target in light of the miner's large investment in its AI cloud business. IREN is focusing on building its own AI cloud business without resorting to co-location agreements with its partners.
IREN has risen more than eight times since its 52-week low, which was previously as low as $5.13. Shares have gained 365% year-to-date. Analysts now consider IREN's AI transformation credible, despite initial skepticism about the miner's ability to compete with big players like Nvidia in data center setup and Nvidia.
Bernstein emphasized IREN's rapid growth ambitions. The company is expected to generate annual recurring revenue of $500 million in the first quarter of 2026. The company plans to reach this target with 23,300 GPUs. In addition, with its 3 gigawatt (GW) power portfolio, IREN has the flexibility to maximize its revenue per megawatt by balancing Bitcoin mining and AI workloads.
Bernstein analysts estimate that IREN's 50 EH/s mining operation will generate approximately $600 million in EBITDA annually at current Bitcoin prices. This revenue will help fund the company's AI expansion. Analysts have changed IREN's valuation approach to an aggregation model, identifying 87% of AI cloud and colocation potential.
With the updated target for IREN, the stock will trade at $7.5 million per megawatt. This is a high valuation relative to other AI-focused miners, but still low compared to firms like CoreWeave, which have established data center equivalents.
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IREN, Bernstein, Bitcoin, AI cloud, IREN, price target
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