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The broker hiked its IREN price target to $75 from $20 while reiterating its outperform rating on the stock.
Updated Sep 24, 2025, 1:40 p.m. Published Sep 24, 2025, 1:27 p.m.
IREN (IREN), one of the largest self-operated BTC$113,234.26 miners in the U.S., is breaking away from the pack, and Wall Street is taking notice.
Bernstein analysts raised their price target on IREN to $75 from $20, implying about 80% upside, as the miner doubles down on building its own AI cloud business rather than relying on co-location deals with partners like CoreWeave (CRWV).
IREN has already had a major move, ahead more than eight-fold from its 52-week low of $5.13 hit in April. The shares are higher by 365% year-over-year.
The broker now sees IREN’s AI pivot as credible, despite early skepticism about the miner’s ability to execute on a capital-intensive data center build-out and compete with AI cloud players tied to hyperscalers and Nvidia (NVDA).
IREN is guiding for rapid growth, the report noted, with $500 million in annual recurring revenue by Q1 2026 on 23,300 GPUs, up from roughly $14 million in Q1 2025.
Beyond AI, IREN retains flexibility with its 3 gigawatt (GW) power portfolio, balancing bitcoin mining and AI workloads to maximize revenue per megawatt, Bernstein analysts led by Gautam Chhugani wrote.
Its 50 EH/s mining operation generates an estimated $600 million in annualized EBITDA at current bitcoin prices, funding its AI expansion, according to the analysts.
Bernstein has shifted its valuation approach to a sum-of-parts model, assigning 87% of enterprise value to AI cloud and co-location potential at IREN’s 2GW West Texas site, with the remaining 13% coming from bitcoin mining.
At the revised target, IREN would trade at $7.5 million per megawatt (MW), above other AI-focused miners but still far below established data center peers like CoreWeave, suggesting further room for multiple expansion, the report added.
Read more: IREN Shares Jump 11% in Pre-Market Trading as Bitcoin Miner Doubles AI Cloud Fleet
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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