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2025-11-04 14:12:00
Wall Street continues to try and stay ahead of the hot-handed IREN (IREN) after yesterday’s $9.7 billion agreement with Microsoft (MSFT) to supply 200 megawatts (MW) of AI data center capacity.
The company’s biggest sell-side fan is Cantor Fitzgerald’s Brett Knoblauch. Bullish on the stock this past summer when it was trading for $10 and continually hiking his price target since, Knoblauch yesterday raised again, this time to $142 from $100. That implies more than a 100% upside from yesterday’s close of $67.75.
Bernstein’s Gautam Chhugani, meanwhile, said the deal with MSFT cements IREN’s position as one of the few infrastructure players owning its own power assets. He hiked his IREN price target to $125 from $75 and reiterated its outperform rating.
The pact could generate $2 billion in annual recurring AI cloud revenue for IREN by 2027, on top of roughly $500 million from existing operations, Chhugani said.
Unlike competitors such as CoreWeave (CRWV) and Nebius (NBIS), IREN’s 2.9 gigawatt (GW) portfolio allows it to expand in line with demand without relying on co-location partners, a structure which will boost profitability, Chhugani continued.
Chhugani now forecasts $2.5 billion in AI cloud revenue by 2027, up from $1.1 billion previously, and values IREN’s Sweetwater site at $5 million per megawatt, based on recent M&A multiples.
Further, the Microsoft deal taps only about 10% of IREN’s total power capacity across British Columbia and Texas, leaving scope to scale further with Microsoft or other hyperscalers.
Roth Capital has also lifted its price target to $94 from $82.
Shares are lower by nearly 5% early Tuesday alongside a general swoon in markets, with Nasdaq futures down 1.5% and bitcoin threatening to tumble below $100,000 level.
Read more: IREN Soars 30% After Inking $9.7B AI Cloud Deal With Tech Giant Microsoft
