On Monday, IREN Ltd. received conflicting analyst views on its shift from Bitcoin mining to AI cloud services.
Jones Trading initiated coverage with a Hold rating, citing concerns about customer quality. Only Microsoft, the firm noted, has investment-grade status among IREN’s customers. Jones Trading also flagged the high percentage of retail shareholders and founder compensation as potential risks.
Bernstein set a $100 price target, contingent on IREN bringing its GPU clusters online and generating more than $4 billion in annual recurring revenue. JPMorgan also takes a bullish view, having recently upgraded the stock and forecast that revenue could grow 20-fold by 2030 as demand for AI compute capacity rises.
The differing views reflect a debate over IREN’s growth potential and the risks of executing its strategy.