Iren (Iren), one of the greatest self -serving Miners in the United States break away from the package and Wall Street takes warning.
Bernstein analysts raised their price targets on IREN to $ 75 from $ 20, which involves approx. 80% upwards as the miner doubles by building his own AI-Sky business rather than relying on co-location agreements with partners such as Coreweave (CRWV).
Iren has already had a big move, ahead of more than eight times from his 52-week low at $ 5.13 hit in April. The shares are higher with 365% year-over year.
The broker now sees Irens Ai-Pivot as credible despite the early skepticism of the miner’s ability to perform on a capital-intensive data center expansion and compete with AI-cloud players bound to Hyperscalers and Nvidia (NVDA).
IREN is controlling for rapid growth, the report noted, with $ 500 million in annual recurring revenue before Q1 2026 of 23,300 GPUs, up from approx. $ 14 million in the 1st quarter of 2025.
In addition to AI, Iren retains flexibility with its 3 gigawatt (GW) Power Portfolio, balancing Bitcoin mining and AI workload to maximize revenue per Megawatt, wrote Bernstein analysts led by Gautam Chhugani.
Its 50 EH/S -mining generates an estimated $ 600 million in annual EBITDA at the current Bitcoin prices and financing its AI extension, according to analysts.
Bernstein has moved his valuation method to a sum-to-part model that allocates 87% of the business value to AI Cloud and CO-Location potential on Iren’s 2GW West Texas site, with the remaining 13% from Bitcoin mining.
At the revised goal, Iren would trade at $ 7.5 million per year. Megawatt (MW), over other AI-focused miners, but still far below established data center-telling as Coreweave, suggesting additional space for more extensions, the report added.
Read more: Iren shares jumping 11% in trading before market as Bitcoin mines double AI Cloud Fleet
