Microsoft Partnership Marks Turning Point for IREN; Canaccord Raises Target to $70
November 10, 2025 — Canaccord Genuity has reaffirmed its buy rating on IREN and raised its price target to $70 from $42, calling the company’s new $9.7 billion GPU cloud deal with Microsoft (MSFT) a defining move into the AI infrastructure space.
Analysts led by Joseph Vafi said the five-year agreement represents a “turning point” for the bitcoin miner, highlighting potential upside from the partnership and the ongoing expansion of IREN’s Texas data centers. The deal includes a 20% upfront payment from Microsoft, a projected 32% levered IRR, and could shift investor perception of IREN from a crypto miner to a leading AI infrastructure provider.
IREN shares closed 6.8% lower on Friday at $62.38, despite the bullish note.
Under the agreement, IREN will deliver Nvidia GB300 GPUs from its Horizon data centers in Texas, funding roughly half of the $3 billion Horizon buildout. While chip supply and power availability remain potential constraints, Microsoft’s prepayment and credit support help mitigate execution risks, the broker said.
Canaccord also identified IREN’s upcoming two-gigawatt Sweetwater 1 facility, expected online in 2026, as the next key growth driver amid growing power scarcity for hyperscalers. The firm raised its valuation of the Sweetwater project to $32 per share.
IREN’s most recent quarter showed $240.3 million in revenue, up 355% year-over-year, with Canaccord citing its scale, efficient power costs, and integration as core strengths bridging the crypto and AI markets.
