By Gautam Chhugani
Copyright indiatimes
Iren stock
Iren stock rose more than 15% on Wednesday after Wall Street analysts increased the stock price target after the firm, which is one of the largest self-operated BTC miners in the US, broke away from the pack.Iren Stock Jumps As Bernstein Lifts Price Target to $75Bernstein analysts have increased their price target on Iren to $75 from $20, signaling nearly 80% potential upside, as per a report. The move reflects growing confidence in Iren’s shift toward building its own AI cloud business instead of depending on co-location deals with partners such as CoreWeave (CRVW), as per a CoinDesk report.Iren Shares Rally Over 365% YOYThe stock has already seen a stunning rally, climbing more than eight-fold from its 52-week low of $5.13 in April, and year-over-year, Iren shares are up 365%, as reported by CoinDesk.ALSO READ: Uniqure stock soars 196% after breakthrough Huntington’s disease drug resultsBitcoin Miner Iren Expands Into AI Cloud BusinessInitially, skepticism surrounded whether a bitcoin miner could successfully expand into a capital-heavy AI cloud model. But Bernstein now views Iren’s pivot as credible. The company is guiding for rapid growth, forecasting $500 million in annual recurring revenue by the first quarter of 2026 on 23,300 GPUs, as reported by CoinDesk. That compares to just $14 million in annual recurring revenue in Q1 2025, as per the report.Live EventsBeyond AI, Iren continues to leverage its 3-gigawatt power portfolio, balancing bitcoin mining and AI workloads to boost revenue per megawatt. Its 50 EH/s bitcoin mining operation currently generates an estimated $600 million in annualized EBITDA at today’s bitcoin prices, providing funding for its AI buildout, as per the CoinDesk report.ALSO READ: Crypto giant Tether could soon be in the league of OpenAI and SpaceX – key developments you should knowIren Stock Valuation Still Below Data Center PeersBernstein’s updated valuation assigns 87% of IREN’s enterprise value to AI cloud and co-location potential at its massive 2GW West Texas site, leaving 13% attributed to bitcoin mining, as per the report.At the revised target, Iren would be valued at $7.5 million per megawatt. That’s higher than other AI-focused miners but still well below established data center players like CoreWeave, suggesting there could be more upside ahead, Bernstein analysts led by Gautam Chhugani wrote.FAQsWhy did Iren’s stock jump today?Because analysts at Bernstein raised their price target from $20 to $75, showing stronger confidence in the company’s AI strategy.What makes Iren different from other bitcoin miners?Iren is pivoting into AI cloud services instead of relying only on bitcoin mining.Add as a Reliable and Trusted News Source Add Now!
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