JPMorgan upgraded IREN Ltd. from Underweight to Overweight on September 14, 2026. The bank raised its price target for the stock from $46 to $65. Analysts cited IREN’s pivot to a neocloud service provider and its strategic partnership with Nvidia. This shift positions the company to capture growing demand for AI cloud infrastructure.
BTIG also reiterated a Buy rating on IREN with an $80 price target. The firm highlighted the company’s potential power capacity of over 5GW. IREN’s GPU-as-a-service business currently generates an approximately $4 billion run-rate. These ratings reflect increasing market confidence in IREN’s strategy to convert bitcoin mining data centers for AI workloads.