IREN Sees Major Stock Surge Following Analyst Upgrades
IREN (NASDAQ: IREN) experienced a stock surge of over 21% this week, driven by two analyst upgrades. Bernstein elevated IREN to a top AI stock for 2026, and H.C. Wainwright upgraded it to a “buy” due to the company’s shift from Bitcoin mining to AI cloud services. The stock has rallied nearly 400% in the last year, largely attributed to a $9.7 billion contract with Microsoft.
Despite this significant growth, IREN’s quarterly AI cloud revenue stands at only $7.3 million, a fraction of the broader cloud computing market. Currently valued at a $16 billion market cap, analysts caution that it presents a substantial premium given its limited revenue generation from AI services. Investors are advised to weigh the long-term potential against high current valuations.
