Shares of IREN rebounded approximately 6% during Monday’s premarket trading session, reaching around $41.05, following a sharp Thursday decline that erased 10.39% of the stock’s value.
The rally came after The Australian Financial Review’s Street Talk section revealed that Anthropic is conducting a private tender process for a minimum of 1.4 gigawatts of data center infrastructure in Australia. Industry sources estimate the total project value between $12 billion and $15 billion.
IREN appears on the shortlist of potential contractors alongside CDC Data Centres, AirTrunk, NextDC, and Stack Infrastructure.
Anthropic requires at least 1 gigawatt of functioning capacity to become operational before the conclusion of 2027. The AI company may award contracts to multiple vendors instead of selecting a single provider.
Industry sources suggest that Infratil-owned CDC Data Centres could secure the largest portion if the project gets distributed among several companies.
This development provided IREN with a targeted catalyst during a challenging period for AI-focused cryptocurrency mining operations, which have faced headwinds from escalating infrastructure expenses, intensifying competition, and expanding capital demands.
Financial analysts continue to express optimism regarding IREN despite recent share price weakness. The overall consensus stands at Buy, with an average price objective of $81.75 — representing more than a 100% premium to current trading levels.
Jefferies initiated research coverage on June 18 with a Buy recommendation and established a $79 price objective. Macquarie maintained its Outperform stance with a $90 target on June 4. B. Riley Securities elevated its target to $96 while reaffirming its Buy rating on the same date.
Bernstein maintains a $100 price objective with a Buy recommendation, highlighting IREN’s data center expansion strategy as the primary growth catalyst.
Canaccord Genuity increased its target from $70 to $79 on June 3, maintaining a Buy rating. HC Wainwright lifted its target to $85 in May.
IREN has scheduled its earnings release for August 27. Analyst estimates project a loss of $0.38 per share on revenues of $165.16 million.
These figures contrast with last year’s comparable quarter, which showed a loss of $0.66 per share and revenues of $187.30 million.
Not all recent developments have been favorable. IREN’s board of directors approved an $800 million founder equity compensation arrangement for its co-chief executives, along with a sponsorship agreement with the Golden State Warriors.
These decisions attracted criticism from individual investors and market analysts, sparking debate about capital deployment priorities and possible shareholder dilution. A board member’s sale of 11,958 shares further contributed to cautious sentiment.
Despite these governance concerns, institutional investor activity has accelerated. Pictet Asset Management increased its holdings by 349.3% during the first quarter, acquiring 99,384 additional shares to reach a total position of 127,835 shares valued at approximately $4.38 million.
Multiple other institutional investors established new positions in IREN during the fourth quarter, including North Star Investment Management, Clearstead Trust, and Aventura Private Wealth.
From a technical analysis perspective, IREN currently trades beneath all major moving averages. The stock sits 23.2% below its 20-day simple moving average and 24.9% below its 50-day simple moving average. Technical resistance appears near $45.50, while support exists around $36.
The stock has traded within a 12-month range spanning $14.72 to $76.87 and carries a market capitalization of $13.87 billion.
The post IREN Stock Jumps 6% as Anthropic Eyes Massive Australian Data Center Deal appeared first on Blockonomi.
