IREN Limited (NASDAQ:IREN) shares have skyrocketed an extraordinary 510% over the past six months, prompting investors to ask whether there is still more upside ahead.
- IREN stock is rallying. See the real-time price action here.
IREN's Dual-Engine Business Model
IREN's massive rally has been fueled by its dual-engine business model: Bitcoin (CRYPTO: BTC) mining operations and a rapid expansion into AI cloud infrastructure.
The company mined 1,825 bitcoins in the most recent quarter, supporting a near 30% sequential revenue jump and showcasing its operational efficiency.
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But the real narrative shift is IREN's aggressive pivot to AI hosting and cloud services.
On Monday, IREN announced that it had doubled its AI cloud capacity to 23,000 GPUs with the purchase of 7,100 Nvidia B300s, 4,200 Nvidia B200s, and 1,100 AMD MI350Xs for approximately $674 million.
The company stated that the move is in response to a growing trend of customers contracting for capacity ahead of delivery.
IREN also raised its revenue outlook and is now targeting over $500 million in AI cloud annualized run-rate revenue by the first quarter of 2026.
IREN's co-CEO Daniel Roberts highlighted the strength of the company's vertically integrated platform in meeting "urgent, long-term demand."
Investors reacted positively to IREN's update and the stock is up by more than 24% this week.
Wall Street Reacts
Two analysts raised their price targets on IREN this week, both expecting more than a 70% upside for IREN stock.
Arete Research initiated coverage on IREN on Wednesday with a Buy rating and a $78 price target.
The bullish initiation comes after Roth Capital maintained a Buy rating and raised its price target to $82 on Tuesday.
The Takeaway
IREN's meteoric stock gains reflect serious momentum, but future upside will depend on flawless delivery in both the AI and crypto sectors. After such a sharp move, new entrants should only approach with attention to IREN's next milestones and market volatility.
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