Quick Read – Iren (IREN) locked in a 5-year, $3.40B AI Cloud contract with NVIDIA on top of its existing $9.70B Microsoft deal, with AI Cloud Services revenue nearly doubling sequentially to $33.60M in Q3 FY26, and guides to $3.70B in ARR by year-end 2026 with $3.10B already…
der contract. – Iren’s bull case is anchored by $3.10B in contracted annual recurring revenue from NVIDIA and Microsoft representing 18.6% of its market cap, though execution risks include two consecutive revenue misses, negative $1.40B free cash flow, and $3.69B in convertible debt refinancing concerns. – The analyst who called NVIDIA in 2010 just named his top 10 stocks and Iren wasn’t one of them. Get them here FREE
Our IREN (NASDAQ:IREN) call is constructive. Shares closed at $47.74 on May 19, 2026, well off the post-earnings high near $60.80 but still up 459% over the past year. Our 24/7 Wall St. price target for IREN is $64.62, implying 35.36% upside over the next 12 months.
Our model carries a constructive rating on IREN with high (90%) confidence. A Rough Stretch Masks a Bigger Story IREN has been violent in both directions. Shares fell 15.59% over the past week and dropped 5.39% on May 19 alone, yet IREN remains up 26.4% year to date.