Paul Tudor Jones has added 11.58 million shares of IREN to his portfolio, lifting his total position to 31.8 million shares — a 57% increase — according to Tudor Investment Corp’s Q1 2026 13F filing. The equity stake is now worth close to $73 million.
The move comes alongside a notable shift in how Jones is holding his IREN exposure. His call options dropped by 50% and puts fell by 28%, meaning he’s moving out of derivatives and into the stock itself. That typically signals a longer-term, more committed view on the company.
IREN closed at $56.83 on Friday, down 2.21%, but was up 3.36% in premarket Tuesday. Year-to-date, the stock is up 50.46%, well ahead of the Nasdaq Composite’s 13.38% gain over the same period.
Jones has been vocal about why. In a recent CNBC interview, he said he “bought more AI stocks” and is targeting infrastructure over software. He pointed to hyperscalers committing what he estimates will be “1% of GDP” to infrastructure buildout — and IREN, which provides high-density power and data center services, sits directly in that spending path.
His macro framing is hard to ignore. Jones likens the current AI moment to the PC adoption of 1981 and the internet in 1995. He’s drawing a direct line to late 1999, saying “we continue to feel like ’99” and that the market has “another two years to run and 40% to go.”
IREN has been busy. The company recently announced a combined $5.5 billion deal with Nvidia — $3.4 billion in cloud services purchases from Nvidia, plus a potential $2.1 billion equity stake from the chip giant. Compass Point analyst Michael Donovan called the deal a validation of IREN’s “ability to monetize air-cooled infrastructure with a strategic AI customer at scale.”
JPMorgan analyst Richard Choe has flagged a potential conflict of interest: Nvidia is now both a customer and a supplier to IREN. That circular dynamic bears watching.
On the Microsoft side, IREN locked in $3.6 billion in financing to support its $9.7 billion contract with the software giant, first announced in November 2025. Some analysts view the financing terms as favorable for IREN.
The company has also been expanding aggressively. It grew its GPU fleet to 150 units, committed $3.5 billion in AI infrastructure spending for the second half of 2026, and energized its 1.4-gigawatt Sweetwater 1 data center in Texas last month.
IREN has made three acquisitions recently. The largest is the planned purchase of Ingenostrum (Nostrum Group), a Spanish data center developer. It also announced a $625 million takeover of Mirantis, a private cloud infrastructure firm, and picked up Awaken, a creative and media agency.
Despite a disappointing Q3 fiscal 2026 earnings report, Wall Street’s consensus sits at Moderate Buy — seven Buys, three Holds, one Sell. The average price target of $69.90 implies roughly 23% upside from current levels.
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