Shares of IREN, the bitcoin miner turned AI infrastructure player, are up more than 500% year-to-date, but that may just be the beginning, according to a Wall Street bull.
After the company’s third-quarter earnings report last week and its five-year, $9.7 billion deal with Microsoft to provide 200 megawatts of AI computing at its Childress, Texas site, Cantor Fitzgerald’s Brett Knoblach left his already bullish 2025 targets mostly in place, but said IREN could reach $3674 from the current $20284.
With the deal, Knoblach wrote in a Friday note, IREN joins the ranks of large-scale “neoccloud” providers, adding credibility to the company’s ambitions to scale to $18.6 billion in annual revenue across its Texas and Canadian sites. The firm’s updated annual recurring revenue guidance for 2026 jumped from $500 million to $3.4 billion after the announcement.
On the most recent earnings call, Knoblach noted, IREN highlighted its preference for cloud over colocation, noting stronger returns, upfront capital support from Microsoft and long-term asset value. Even if the GPUs lose their utility after five years—a scenario he sees as unlikely—the data centers themselves could still generate hundreds of millions a year under colocation contracts.
Knoblach sees Microsoft’s involvement as an important vote of confidence in IREN’s infrastructure. He also believes the architecture being built is “future-proofed” for future GPU generations, with rack densities that could support NVIDIA’s Rubin chips or their successors.
While Knoblach trimmed his short-term price target to $136 from $142 due to weaker bitcoin mining revenue, he reiterated an “overweight” rating and called IREN a top pick.
Shares are 7.6% higher at $67.12 on Monday alongside a general rise in stocks and crypto.
