Bernstein Raises IREN Price Target to $75 Amid AI Cloud Pivot
IREN, a Leading Bitcoin Miner, Targets AI Cloud Expansion
- IREN, a major U.S. bitcoin miner, is focusing on developing its own AI cloud business.
- Bernstein analysts increased IREN's price target from $20 to $75, indicating 80% potential growth.
- The company's shares have surged over 365% year-over-year, significantly up from a 52-week low of $5.13 in April.
- IREN aims for $500 million in annual recurring revenue by Q1 2026, leveraging 23,300 GPUs.
- Its mining operation generates an estimated $600 million in annual EBITDA at current https://holder.io/coins/btc/ prices.
- Bernstein values 87% of IREN's enterprise value in AI cloud and co-location potential at its West Texas site.
- IREN trades at $7.5 million per megawatt, higher than other AI miners but lower than established data center peers.