IREN (IREN) Stock Overview
Operates as a vertically integrated AI cloud services platform in Australia and Canada. More details
| Snowflake Score | |
|---|---|
| Valuation | 0/6 |
| Future Growth | 2/6 |
| Past Performance | 0/6 |
| Financial Health | 3/6 |
| Dividends | 0/6 |
Rewards
Risk Analysis
IREN Community Fair Values
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Analyst Price Targets
Top Community Narratives
IREN Limited Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$43.83 |
| 52 Week High | US$76.87 |
| 52 Week Low | US$28.93 |
| Beta | 4.28 |
| 1 Month Change | -2.08% |
| 3 Month Change | -26.67% |
| 1 Year Change | 29.06% |
| 3 Year Change | 876.17% |
| 5 Year Change | n/a |
| Change since IPO | 79.26% |
Recent News & Updates
New Narrative • Sep 07
The Bitcoin Miner Who Accidentally Built the Best Real Estate Portfolio in AI
A company lost $702.6 million last year. Microsoft signed it to a $9.7 billion contract anyway.
Narrative Update • Sep 03
IREN: AI Cloud Contract Execution And GPU Capacity Buildout Will Drive Future Outcomes
The analyst price target for Iren has been raised by $2 to reflect what analysts describe as stronger revenue visibility from new multi year AI cloud contracts, a higher long term AI cloud recurring revenue goal of more than $4b, and increased confidence in the company adding GPU cloud supply on schedule over the next two years. Analyst Commentary Recent research on Iren points to growing interest in the company’s AI cloud opportunity, with several firms highlighting contract wins and long term recurring revenue goals.Recent updates
New Narrative • Sep 07
The Bitcoin Miner Who Accidentally Built the Best Real Estate Portfolio in AI
A company lost $702.6 million last year. Microsoft signed it to a $9.7 billion contract anyway.Narrative Update • Sep 03
IREN: AI Cloud Contract Execution And GPU Capacity Buildout Will Drive Future Outcomes
The analyst price target for Iren has been raised by $2 to reflect what analysts describe as stronger revenue visibility from new multi year AI cloud contracts, a higher long term AI cloud recurring revenue goal of more than $4b, and increased confidence in the company adding GPU cloud supply on schedule over the next two years. Analyst Commentary Recent research on Iren points to growing interest in the company’s AI cloud opportunity, with several firms highlighting contract wins and long term recurring revenue goals.Seeking Alpha • Aug 28
IREN: High-Risk High-Reward Neocloud
Summary IREN Limited is undergoing a high-stakes transition from Bitcoin mining to AI cloud compute, with execution risk front and center. Q4 2026 results showed revenue decline and a substantial net loss, driven by mining asset impairments and heavy upfront hiring for AI operations. Despite execution setbacks, IREN has $4B ARR under contract for 2026 capacity, with major clients like Microsoft and several AI labs, and expects significant revenue ramp in early 2027. I rate IREN a speculative Buy, emphasizing its high-risk, high-reward profile and the critical importance of delivering on $25–$30B in planned 2027 capex without excessive dilution. Read the full article on Seeking Alpha
Narrative Update • Aug 28
Retail Frustration is High, But Will Patience Pay Off?
IREN’s FY26 annual earnings report (for the Australian financial year ended June 30, 2026) triggered an immediate 8%+ post-market drop. Algorithms panicked over a $684M Q4 GAAP net loss driven by $450.4M in nons-cash ASIC impairments, while Wall Street choked on a massive $25B to $30B FY27 CapEx forecast.
Narrative Update • Jul 30
IREN: Hyperscale AI Cloud Contracts And Financing Will Drive Stock Re Rating
The analyst price target for Iren has been raised, supported by research pointing to larger AI cloud contracts, higher multi year deal values such as the $2.8 billion and $3.4 billion agreements, and growing clarity around long term recurring revenue from hyperscale customers. Analyst Commentary Recent Street research on Iren points to a cluster of constructive views around the AI cloud pivot, large multi year contracts and the ramp up of new capacity.
New Narrative • Jul 17
IREN: AI Infrastructure Growth vs. Valuation Risk
IREN (Iris Energy) continues to capture attention as it transitions from a Bitcoin miner to a vertically integrated AI Cloud provider. As of July 2026, the company's aggressive expansion strategy and high-profile partnerships have created a split narrative among market participants.Narrative Update • Jul 17
The Neocloud Bloodbath, The $832M Payday, and Why I'm Still Holding
If you own IREN and are checking your portfolio this week, I know it’s ugly out there. After making a run toward $70 in early June, IREN’s price action has been a bloodbath.Narrative Update • Jul 15
IREN: AI Cloud Buildout And Governance Strains Will Shape Future Upside
Analysts have lifted their fair value estimate for Iren to $41.00 from $26.00, citing Street research that highlights larger long-term AI cloud contracts, expanded powered land capacity, and updated revenue and margin assumptions that support higher long-run P/E expectations. Analyst Commentary Recent Street research on Iren paints a mixed picture, with several firms raising price targets and highlighting large AI cloud contracts, while others signal more muted enthusiasm on valuation and execution risks.
Narrative Update • Jul 01
IREN: Large AI Cloud Contracts And Financing Will Drive Future Upside
Analysts have raised their blended price target for Iren to about $81 from roughly $70, citing a larger long-term AI infrastructure pipeline, new hyperscale and GPU cloud contracts, and expanded financing capacity that supports the company’s shift away from crypto mining toward AI data center and cloud services. Analyst Commentary Recent research coverage of Iren highlights a mix of enthusiasm around the AI data center opportunity and awareness of execution and contract risks as the company pivots away from crypto mining and scales its infrastructure footprint.Narrative Update • Jun 17
IREN: AI Cloud Contracts And Financing Will Drive Stock Re Rating
Analysts have nudged their average 12 month price target for Iren (IREN) higher by several dollars, citing the $96, $79, $99 and $50 target increases. They attribute these changes to large AI cloud contracts, long term financing progress and Iren's pivot away from Bitcoin mining toward AI infrastructure.Narrative Update • Jun 02
IREN: Hyperscale AI Cloud Contracts Will Drive Re Rating
The analyst fair value estimate for IREN has shifted from $136 to $126. Analysts attribute this change to updated assumptions that include higher AI-related revenue, lower profit margins, and a higher future P/E multiple following recent hyperscale and AI cloud contract announcements.Analysis Article • May 15
IREN's (NASDAQ:IREN) Solid Profits Have Weak Fundamentals
Last week's profit announcement from IREN Limited ( NASDAQ:IREN ) was underwhelming for investors, despite headline...
Narrative Update • May 14
IREN’s main water risk is not misconduct or direct consumption, but being a hyperscale operator in one of the most water-constrained regions
Here is a focused investment-style assessment of water risk for IREN in Texas , especially compared to peers and looking forward. 🇺🇸 IREN Water Risk Analysis (Texas): Investment Perspective 1) Structural context: Texas = high-growth + water stress Texas is becoming one of the largest global hubs for AI and crypto data centers, but: The state already faces structural water scarcity and drought cycles [ thetechedvocate.org ] , [ binance.com ] Data centers could consume tens to >100 billion gallons/year by 2030 [ thetechedvocate.org ] They may reach up to 3–9% of total state water use as AI scales [ thecooldown.com ] Conclusion: Water is not a marginal issue in Texas—it is becoming a system-level constraint on growth.
Narrative Update • May 13
The Grid is Locked: Why IREN Just Became the "Gatekeeper" of Texas AI
Texas has made it much harder for new big power-hungry data centers to connect to the grid, and IREN says it’s now one of the few with a clear path to plug in at scale. With a major NVIDIA tie-up, fresh funding, and a new software layer from its Mirantis deal, the company aims to move beyond hosting hardware and become a full managed AI computing platform.New Narrative • May 06
IREN to Transform into AI Cloud Giant with Mirantis Acquisition
REN acquisition of Mirantis ($625M, all-stock) 1. Transaction overview Acquirer: IREN (AI infrastructure / former Bitcoin mining company) Target: Mirantis (cloud infrastructure & Kubernetes orchestration software) Deal value: ~$625M (stock consideration) [ growjo.com ] Announcement date: May 5, 2026 [ kearney.com ] Structure: Mirantis to operate as a standalone subsidiary [ kearney.com ] Mirantis brings: 1,500+ enterprise customers Kubernetes / AI infrastructure orchestration (k0rdent platform) [ kearney.com ] 2.Narrative Update • Apr 29
IREN: AI Data Center Expansion And GPU Deployment Will Drive Future Upside
Analysts have adjusted their price targets for IREN to reflect a roughly $6 lower fair value, along with updated assumptions for the discount rate, revenue growth, profit margin, and a significantly lower future P/E, incorporating recent mixed target changes and a neutral initiation. Analyst Commentary Recent research points to a mixed but informative picture for IREN, with some analysts trimming expectations and others seeing room for upside at current levels.
New Narrative • Apr 17
IREN Thesis: From Miner to AI Infrastructure Leader
IREN is undergoing a fundamental re-rating, evolving from a Bitcoin miner into a premier AI Cloud Service Provider. The thesis is anchored by the scarcity of three critical assets: Gigawatt-scale power , specialized data centers , and NVIDIA Blackwell compute.Narrative Update • Apr 15
IREN: AI Infrastructure Expansion Will Increase Execution Risk And Future Downside Potential
Analysts have reset IREN's fair value estimate from $39.00 to $26.00, reflecting updated price targets that balance lower P/E assumptions with ongoing supportive views on revenue growth and margins. Analyst Commentary Recent Street research around IREN reflects a cautious tone, with several bearish analysts trimming price targets even as some remain constructive on parts of the story.Narrative Update • Apr 01
IREN: Microsoft AI Contract Will Drive Transformative Data Center Expansion
The Street's blended 12 month price target for IREN has shifted modestly lower to about $76 from roughly $79, as analysts balance Macquarie's $25 cut with fresh Buy upgrades and a higher $80 target tied to IREN's large AI contract with Microsoft and a sizeable data center growth pipeline. Analyst Commentary Recent Street research on IREN shows a mix of optimism around growth optionality and caution around execution and valuation, which is feeding into the wide range of price targets and rating changes.Narrative Update • Mar 20
The Post-Earnings Tantrum, The $6B "Dilution" Myth, and The Unstoppable Neocloud
G'day fellow investors. The post-earnings reaction to IREN is textbook volatility: shares tanked on no new hyperscaler announcements and an EPS miss from the mining-heavy Q4 P&L.Narrative Update • Mar 18
IREN: AI Contract And GPU Buildout Concentration Will Drive Future Downside Risk
The analyst fair value estimate for IREN has been adjusted from $37.00 to $39.00, as analysts factor in recent price target revisions as well as a stronger focus on the company’s AI infrastructure growth plans and large Microsoft contract. Analyst Commentary Recent Street research around IREN reflects a split view, with some analysts highlighting upside tied to AI infrastructure exposure and others resetting expectations through price target changes.Narrative Update • Mar 04
IREN: AI Infrastructure Expansion And Microsoft Contract Will Drive Transformative Multi Year Upside
Analysts have trimmed their average price target on IREN by $5.54 to reflect a lower fair value estimate of $79.31, citing revised assumptions around growth, profitability and a very large projected future P/E multiple, even as recent research highlights IREN's exposure to AI infrastructure and its sizable contract with Microsoft. Analyst Commentary Recent research on IREN highlights a mix of optimism around its AI infrastructure exposure and caution around valuation and execution risk, especially in light of the large projected future P/E multiple embedded in some models.Narrative Update • Feb 20
Navigating the Transition Amidst Bitcoin Volatility
Since the January update, the investment thesis for IREN has entered a critical "bridge" phase. While the long-term trajectory toward becoming an AI infrastructure leader remains intact, the company is currently navigating short-term headwinds caused by a dip in Bitcoin prices and the heavy capital costs of its infrastructure pivot.Narrative Update • Feb 17
IREN: Large AI Contract Concentration Will Drive Future Downside Risk
The analyst price target for IREN has been updated from $16.00 to $37.00 as analysts factor in recent upgrades, higher AI infrastructure expectations, and IREN's large contracted pipeline with a major technology partner. Analyst Commentary Recent research on IREN has been mixed, with some firms expressing confidence in the company’s AI infrastructure positioning and others pulling back on valuation.Narrative Update • Feb 03
IREN: AI Power Capacity Expansion Will Drive Transformative Multi Year Contract Upside
Narrative Update on IREN The analyst price target in our framework has shifted to align more closely with the recent Street move toward $80, with a modest fair value adjustment to about $84.85 as analysts highlight IREN's large AI contract with Microsoft and its sizeable planned capacity buildout as key drivers in their updated views. Analyst Commentary Recent Street research on IREN has shifted meaningfully, with several bullish analysts now highlighting the AI contract pipeline and power capacity story, while earlier caution around execution and financing remains in the background.Analysis Article • Jan 24
After Leaping 35% IREN Limited (NASDAQ:IREN) Shares Are Not Flying Under The Radar
IREN Limited ( NASDAQ:IREN ) shareholders are no doubt pleased to see that the share price has bounced 35% in the last...Narrative Update • Jan 23
From Policy Play to AI Infrastructure Powerhouse
In September 2025, the investment thesis for IREN centered on a "celestial convergence" of federal policy and data center permitting. As of January 2026, that thesis has moved from regulatory speculation to massive-scale execution.Narrative Update • Jan 20
IREN: AI Hyperscaler Contract And 2 GW Pipeline Will Drive Re Rating
Analysts have raised their price target on IREN to $80 from $56, citing the Microsoft AI contract, the large near-term development pipeline, and IREN's exposure to high-performance computing and AI infrastructure demand as key supports for the higher valuation. Analyst Commentary Recent Street research on IREN has shifted materially toward a more constructive view, with several bullish analysts revising ratings and targets around the company’s AI and high performance computing positioning.Narrative Update • Jan 06
IREN: Hyperscaler AI Cloud Deals Will Drive Future Power-Backed Infrastructure Expansion
Narrative Update on IREN The analyst price target for IREN has edged higher to $83.00, as analysts factor in a slightly higher revenue growth outlook, a modestly lower discount rate, and a richer future P/E, even while trimming profit margin assumptions in light of mixed views on AI cloud execution risk and the validation from recent hyperscaler related deals. Analyst Commentary Recent research on IREN highlights a wide spread of views, with some analysts leaning into the AI cloud opportunity and others focusing on execution and financing risks.Narrative Update • Dec 23
IREN: AI Cloud Contracts With Major Hyperscaler Will Drive Re-Rating
Analysts have lifted their fair value estimate for IREN sharply from $40 to $136 per share, as they factor in a much larger, higher visibility AI cloud opportunity supported by new hyperscaler partnerships, improved power monetization and a sector wide re-rating of high performance computing infrastructure providers. They have also modestly reduced the discount rate and assumed faster revenue growth but lower long term profit margins and a higher future P/E multiple.Narrative Update • Dec 09
IREN: Hyperscaler Cloud Deals Will Drive Long Term AI Infrastructure Expansion
The analyst price target for IREN has nudged higher by approximately $0.50 to reflect analysts' view that recent AI cloud and hyperscaler related partnerships, improved sector positioning, and validation from large customers support a modestly higher fair value despite lingering execution and financing risks. Analyst Commentary Recent Street research highlights a wide dispersion of views on IREN, with several bullish analysts markedly increasing price targets on the back of AI cloud momentum, while bearish analysts emphasize execution and financing risks tied to the company’s aggressive expansion strategy.Analysis Article • Dec 05
IREN Limited (NASDAQ:IREN) Shares Slammed 30% But Getting In Cheap Might Be Difficult Regardless
The IREN Limited ( NASDAQ:IREN ) share price has softened a substantial 30% over the previous 30 days, handing back...Narrative Update • Nov 25
IREN: Major Five-Year Microsoft Deal Will Accelerate AI Cloud Expansion
Analysts have raised their fair value estimate for IREN from approximately $74 to $81. They cite growing confidence in the firm's power assets, new AI and data center partnerships, and stronger projected profit margins supporting higher valuation targets.Narrative Update • Nov 21
The "Reset" Before the Ramp
If you’ve been watching the ticker lately, IREN’s recent correction from its highs is undeniably painful. However, for those willing to look past the daily volatility, the Q1 FY26 results reveal a company that is fundamentally stronger today than it was at its peak.Narrative Update • Nov 10
IREN: Surging AI Cloud Demand And Major Contracts Will Drive Re-Rating
IREN's analyst price target has been significantly raised from $62.75 to $74.17. Analysts cite accelerating AI cloud business momentum, new strategic partnerships, and increased sector confidence as key drivers for the more optimistic outlook.Narrative Update • Nov 03
IREN's Bold Moves in Sustainable Bitcoin Mining & AI Data Centers
The Hyperscaler Catalyst Arrives: $9.7B Microsoft Deal It’s happened. The hyperscaler deal we’ve been anticipating since my last update has finally materialized - and it’s a big one.Narrative Update • Oct 27
AI Cloud Expansion and Power Control Will Shape Market Leadership
Analysts have significantly raised their fair value estimate for IREN from $48.58 to $62.75, citing the company's AI cloud expansion and improved sector outlook as the primary drivers behind this upward revision. Analyst Commentary Recent research notes highlight a dynamic mix of optimism and caution surrounding IREN's prospects as it accelerates its AI cloud strategy and undergoes notable revaluations from multiple firms.Analysis Article • Oct 18
Investors Appear Satisfied With IREN Limited's (NASDAQ:IREN) Prospects As Shares Rocket 60%
Despite an already strong run, IREN Limited ( NASDAQ:IREN ) shares have been powering on, with a gain of 60% in the...Narrative Update • Oct 15
IREN's Bold Moves in Sustainable Bitcoin Mining & AI Data Centers
IREN Update: Fair Value Touched and a Brilliantly Structured Raise What a morning. If you’ve been following the markets, we’ve seen sharp drops, liquidations, and rebounds over tariff concerns in just the past 48 hours.
New Narrative • Sep 25
IREN's Trump Card: How Federal Policy Could Unlock Massive Value in AI Infrastructure
The Game-Changing Executive Order: A $11.4B Company's Perfect Storm Sometimes the stars align in ways that even the most astute investors couldn't predict. For IREN Limited (NASDAQ: IREN), currently valued at $11.4 billion with shares trading around $42 , the Trump Administration's July 23rd Executive Order on data centre permitting represents exactly that kind of celestial convergence.Shareholder Returns
| IREN | US Software | US Market | |
|---|---|---|---|
| 7D | -1.9% | -2.1% | -1.0% |
| 1Y | 29.1% | -9.0% | 14.1% |
Return vs Industry: IREN exceeded the US Software industry which returned -9% over the past year.
Return vs Market: IREN exceeded the US Market which returned 14.1% over the past year.
Price Volatility
| IREN volatility | |
|---|---|
| IREN Average Weekly Movement | 16.3% |
| Software Industry Average Movement | 9.3% |
| Market Average Movement | 6.9% |
| 10% most volatile stocks in US Market | 15.3% |
| 10% least volatile stocks in US Market | 2.9% |
Stable Share Price: IREN's share price has been volatile over the past 3 months compared to the US market.
Volatility Over Time: IREN's weekly volatility (16%) has been stable over the past year, but is still higher than 75% of US stocks.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2018 | 685 | Will Roberts | iren.com |
IREN Limited operates as a vertically integrated AI cloud services platform in Australia and Canada. It develops, owns, and operate data centers, including the associated land, grid connections, and substations, as well as buildings and cooling. The company also owns and operates compute layers, such as GPUs, CPUs, storage, servers, and networking deployed within that data center infrastructure; and software layers comprising managed services and enterprise support that enables customers to deploy, operate, and manage AI workloads.
IREN Limited Fundamentals Summary
| IREN fundamental statistics | |
|---|---|
| Market cap | US$17.28b |
| Earnings (TTM) | -US$702.62m |
| Revenue (TTM) | US$707.01m |
24.4x
P/S Ratio-24.6x
P/E RatioIs IREN overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| IREN income statement (TTM) | |
|---|---|
| Revenue | US$707.01m |
| Cost of Revenue | US$219.71m |
| Gross Profit | US$487.30m |
| Other Expenses | US$1.19b |
| Earnings | -US$702.62m |
Last Reported Earnings
Jun 30, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | -1.78 |
| Gross Margin | 68.92% |
| Net Profit Margin | -99.38% |
| Debt/Equity Ratio | 181.4% |
How did IREN perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/12 01:29 |
| End of Day Share Price | 2026/09/11 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2026/06/30 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
IREN Limited is covered by 19 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Andrew Charles Beale | Arete Research Services LLP |
| Gautam Chhugani | Bernstein |
| Nicholas Giles | B. Riley Securities, Inc. |