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1h ago

IREN Swings to Profit on AI Expansion as Shares Jump and Canaccord Raises Target

Record results reflect an AI-cloud buildout backed by Nvidia access plus low-cost power.

Bitcoin miner iren's ai push gains momentum, price target hiked 60% to $37: canaccord
Iren posts first full year profit on ai cloud growth, mining expansion; shares climb
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Overview

  • IREN reported its first full-year profit alongside record revenue of $501 million for the fiscal year and $187.3 million for the June quarter.
  • The company scaled bitcoin mining capacity to about 50 EH/s and in July produced 728 BTC, topping MARA’s 703 BTC for the month.
  • Designated an Nvidia Preferred Partner, IREN plans to lift its GPU fleet to roughly 10,900 units and is targeting $200 million to $250 million in annualized AI revenue by December.
  • Shares rose by double digits following the earnings release, and Canaccord Genuity reaffirmed a buy rating while lifting its price target to $37.
  • Management highlighted secured power of roughly 2,910 MW and disclosed a confidential settlement with creditor NYDIG, resolving a multi‑year dispute.