IREN (IREN), one of the largest self-operated Bitcoin miners in the U.S., is attracting renewed attention from Wall Street thanks to its pivot into AI cloud infrastructure.
Bernstein analysts raised their price target on IREN to $75 from $20, signaling roughly 80% upside, while maintaining an outperform rating on the stock. The research firm cited IREN’s strategy of building its own AI cloud business, rather than relying solely on co-location partnerships with providers like CoreWeave (CRWV).
IREN has already seen dramatic gains, trading more than eight times higher than its 52-week low of $5.13 in April and up 365% year-over-year.
Despite early skepticism over IREN’s ability to execute a capital-intensive data center build-out and compete with AI cloud providers linked to hyperscalers and Nvidia (NVDA), Bernstein views the AI pivot as credible.
IREN projects $500 million in annual recurring revenue by Q1 2026, supported by 23,300 GPUs, up from roughly $14 million in Q1 2025.
The miner retains operational flexibility with its 3-gigawatt power portfolio, balancing Bitcoin mining and AI workloads to maximize revenue per megawatt, according to Bernstein analysts led by Gautam Chhugani.
Its 50 EH/s mining operation generates an estimated $600 million in annualized EBITDA at current Bitcoin prices, which helps fund the AI expansion.
Bernstein has adopted a sum-of-parts valuation, assigning 87% of enterprise value to AI cloud and co-location potential at IREN’s 2GW West Texas site, with the remaining 13% derived from Bitcoin mining.
At the revised target, IREN would trade at $7.5 million per megawatt (MW), above other AI-focused miners but still below established data center peers like CoreWeave, indicating further room for multiple expansion, Bernstein noted.
