Cantor Fitzgerald’s Brett Knoblauch thinks Iren could be a $384 stock in three years
Shares of Iren, the Bitcoin mining firm turned AI infrastructure player, are up more than 500% year-to-date, but this may be just the beginning, according to a Wall Street Bull.
Following the company’s third-quarter earnings report last week and the $9.7 billion, five-year deal with Microsoft to deliver 200 megawatts of AI compute at its Childress, Texas site, Cantor Fitzgerald’s Brett Knoblach left his bullish 2025 target mostly in place, but Iren said it could hit $384 by 2028 from the current $67.
With that deal, Knoblach wrote in a note Friday, Iren joins the ranks of large-scale “neocloud” providers, adding credence to the company’s ambitions to scale $18.6 billion in annual revenue across sites in Texas and Canada. The updated 2026 annual recurring revenue guidance jumped from $500 million to $3.4 billion following the announcement.
In a recent earnings call, Knoblach noted, Iren highlighted its preference for the cloud over colocation, noting stronger returns, upward capital support from Microsoft, and long-term asset value. Even if GPUs lose their usefulness after five years – a scenario he views as unlikely – the data centers themselves could still generate hundreds of millions per year under colocation contracts.
Knoblach sees Microsoft’s involvement as a major vote of confidence in Iren’s infrastructure. He also believes the architecture built is “future-proof” for upcoming GPU generations, with rack densities that can support Nvidia’s Rubin chips or their successors.
While Knoblach cut his near-term price target to $136 from $142 due to weaker bitcoin mining revenue, he reiterated an “overweight” rating and called Iren a top pick.
Shares were 7.6% higher at $67.12 Monday with a general rally in stocks and crypto.
