Iren (Iren), one of the largest self-operated Miners in the US, turned away from the pack, and noticed Wall Street.
Bernstein’s analysts have raised their target price to Iren up to $ 75 from $ 20, indicating about 80% upside down, as the miner doubles on developing its own AI cloud business instead of relying on co-local communication with partners such as Coreweave (CRWV).
Iren already has a major move, earlier in the eight-fold from the 52-week less than the $ 5.13 hit in April. Shares are higher than 365% year-on-year.
The broker now sees Iren’s AI Pivot as credible, despite early doubt about the miner’s ability to conduct a capital-intensive data center build-out and compete with AI cloud players tied to hyperscalers and NVIDIA (NVDA).
Iren guides for rapid growth, the report mentioned, with $ 500 million in the annual repeated revenue by Q1 2026 to 23,300 GPU, from nearly $ 14 million to Q1 2025.
Beyond AI, Iren maintains flexibility in its 3 Gawinatt (GW) Power portfolio, balancing Bitcoin mining and AI workloads to maximize revenue per megawatt, Bernstein analysts led by Gautam Chhugani.
The 50 eh/s operations of mining make up an estimated $ 600 million in the annual EBITDA at the current Bitcoin prices, funding the expansion of AI, according to analysts.
Bernstein has shifted its approach to appreciating a sum-of-parts model, which assigns 87% of the Business value of the AI Cloud and co-local potential at the 2GW West Texas site of Iren, with the remaining 13% coming from Bitcoin’s mining mining.
At the revised target, Iren was a merchant of $ 7.5 million per Megawatt (MW), above other AI -focused miners but still far below the established peers of data center such as Coreweave, suggesting an additional room for many expansion, the report added.
Read more: Iren shares 11% on pre-market trading while Bitcoin Miner Ai Cloud Fleet doubles
