Overview
- IREN shares have fallen roughly 55% from a record near $76 in November to about $35, returning to levels last seen in September.
- The company recently raised about $2.3 billion through convertible notes, with reports also citing equity funding, to accelerate GPU deployments and retire less favorable debt.
- Coverage highlights a five-year, $9.7 billion Microsoft GPU services agreement that anchors IREN’s pivot from Bitcoin mining to AI data centers.
- Benzinga’s rankings show IREN’s value score jumping from 24.75 on Dec. 8 to 42.29, while a Seeking Alpha author reiterates a Buy case with a $55 price target and cites 235% revenue growth.
- Broader AI-market weakness after Oracle and Broadcom earnings and rising competition from neocloud operators, including a reported $10 billion Anthropic order to Hut 8, have weighed on sentiment.