With IREN Limited (IREN) executing a bold transformation, its identity is swiftly shifting from a pure-play crypto miner into a serious contender in artificial intelligence (AI) infrastructure. Amid this, in a stunning vote of confidence, Roth/MKM recently catapulted its price target for IREN stock from $35 to $82. That price target leap suggests the stock could nearly double.
With IREN rapidly advancing from crypto mining into high-powered AI cloud operations, and already accelerating GPU deployments, this aggressive upgrade signals that Wall Street may be waking up to a new hybrid powerhouse in the crypto-AI space.
IREN Limited is an integrated data-center and renewable infrastructure company, headquartered in Sydney, Australia. The firm traces its origins to Iris Energy Limited and formally adopted the name IREN Limited in late 2024. IREN develops and operates grid-connected data centers powered by 100% renewable energy across Australia, the United States, and Canada, with compute infrastructure optimized for Bitcoin (BTCUSD) mining, AI cloud services, and other power-intensive workloads. The company’s market capitalization is currently $13.72 billion.
IREN stock has been on a dramatic ascent over the past year, riding the wave of its focus into AI infrastructure. Shares have skyrocketed, surging by 473% year-to-date (YTD) as the market began pricing in its GPU expansion and hybrid crypto-AI proposition.
IREN stock hit a 52-week high of $44.25 on Sept. 23, following the announcement that the firm is increasing its GPU purchases and AI cloud capacity. Since then, shares have only been topping that high, reaching a high of 52.19 on Oct. 3. Although volatility remains high and beta reflects high sensitivity, fueled by big swings in crypto markets and GPU demand, the stock is showing strength with its massive 549% run over the past 52 weeks, while analysts keep boosting price targets.
The stock is currently trading at 66.85 times forward earnings, which is a premium valuation compared to the sector median.
In recent weeks, investors have grown increasingly upbeat about IREN’s trajectory. The company recently announced a bold expansion of its AI cloud infrastructure, purchasing an additional 12,400 GPUs for approximately $674 million, which effectively doubles its fleet to around 23,000 GPUs. This push enables IREN to target an annualized AI cloud run rate exceeding $500 million by the first quarter of fiscal 2026.
IREN is making strides in GPU diversification and cooling systems. Last month, it secured air-cooled Nvidia (NVDA) B300s and liquid-cooled GB300s, backed by non-dilutive financing, boosting flexibility in deployment and data-center design. The company’s status as an Nvidia preferred partner further enhances its access to scarce GPU supply and strengthens its standing in the AI cloud space.
IREN released its fourth-quarter fiscal 2025 and full-year results on Aug. 28, unveiling a set of standout metrics. In Q4 (which ended June 30), the company delivered $187.3 million in revenue, while net income flipped dramatically from a loss in the prior quarters to a profit of $176.9 million in Q4, further accentuating the turnaround. Over the full fiscal year, IREN posted $501 million in revenue, up 168% year-over-year (YOY), and $86.9 million in net income against a prior-year net loss of $28.9 million. Adjusted EBITDA exploded to $269.7 million for the year, up 395% YOY.
On the operations side, the company expanded contracted grid-connected power to 2,910 megawatts (MW) — a 35% YOY increase — advanced operating data center capacity to 810 MW, and scaled its Bitcoin mining stack to 50 EH/s, a 400% YOY increase. Its AI cloud infrastructure also advanced, with 1,900 Nvidia GPUs deployed, up 132% YOY.
Looking ahead, IREN’s guidance is ambitious. The company aims for an annualized revenue run rate of $1.25 billion, with $200 million to $250 million expected from AI cloud services and the balance from Bitcoin mining. It also plans to energize its massive Sweetwater 1 substation (1,400 MW) by April 2026.
Analysts predict EPS of $0.70 for fiscal 2026, an increase of 2,233% YOY, before improving by around 34% annually to $0.94 in fiscal 2027.
Roth/MKM recently lifted its price target for IREN stock to $82 from $35 while reaffirming a “Buy” rating. The firm highlighted IREN’s expanded GPU purchases, worth $674 million, and its goal of generating $500 million-plus in annual AI cloud revenue. Roth/MKM models IREN operating 112,000 GPUs by 2026, with high-30s EBIT margins as AI cloud becomes more than 50% of revenue by fiscal Q4 2026.
IREN stock has a consensus “Moderate Buy” rating overall. Out of 13 analysts covering the stock, nine recommend a “Strong Buy,” three analysts stay cautious with a “Hold” rating, and one has a “Strong Sell.”
While IREN stock has surged past its average analyst price target of $47.40, Roth/MKM’s Street-high target price of $82 suggests as much as 45% potential upside ahead.
On the date of publication, Subhasree Kar did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com