IREN Ltd. got a major vote of confidence on Monday when JPMorgan upgraded the stock from Underweight to Overweight, lifting its price target from $46 to $65. The stock was trading at $43.83 at the open.
JPMorgan’s call centers on IREN’s growing position as a neocloud provider. The firm pointed to IREN’s strategic partnership with NVIDIA as a key reason for its improved outlook.
Analyst targets on the stock range widely, from $43 to $131, showing just how divided Wall Street is on IREN’s potential.
IREN has raised its calendar year-end 2026 expected annual recurring revenue to $4.0 billion, up from $3.4 billion back in November. The company currently has $1 billion in operating ARR.
The revenue growth picture is real. IREN posted 41% revenue growth over the last twelve months. However, the company remains unprofitable, with analysts forecasting a turn to profitability this year.
Pricing in the neocloud market has also moved sharply higher. Industry rates have jumped from the $10-15 per watt range to $15-20 per watt and beyond, depending on delivery timelines, GPU generation, and contract length.
IREN’s biggest contracts are with Microsoft and Nvidia. The company has also signed a multi-year deal with a leading frontier AI lab, though the name was not disclosed.
Beyond those headline names, IREN has signed with Prometheus, Figure AI, Perplexity, Together AI, Fluidstack, Hume AI, Fireworks AI, Fal AI, Higgsfield, and Cohere.
IREN delivered the first of four 50-megawatt buildings under its Microsoft contract. The remaining 150 megawatts are expected to be delivered by the end of calendar 2026.
JPMorgan noted that IREN’s roughly 0.5 gigawatt expansion planned for 2027 could be signed at higher prices than past deals in the $12-15 per watt range.
The firm flagged near-term risks tied to an ongoing audit on data center interconnection requests in Texas. That said, IREN’s Sweetwater 1 and 2 sites were conditionally included in ERCOT’s Batch Zero process as Base Load last week.
On the institutional side, California State Teachers Retirement System raised its IREN holdings by 6,197.8% in Q2, buying an additional 22.6 million shares. That position is now valued at over $1 billion.
Institutional investors collectively own 41.08% of IREN’s stock. Not everyone is adding, though. Engineers Gate Manager LP cut its position by 44.9% in Q2.
The stock has a 52-week low of $28.93 and a 52-week high of $76.87. Its 50-day moving average sits at $40.29, and the 200-day moving average is $45.56.
The consensus analyst rating is “Moderate Buy” with an average price target of $81.57, well above the current price.
IREN’s fourth-quarter fiscal 2026 revenue came in at $137.2 million, beating the $100 million Compass Point estimate, though the company posted a net loss of $684 million, driven largely by a $450.4 million noncash mining-hardware impairment.
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