Overview

• IREN fell sharply intraday Friday after JP Morgan cut the stock to Underweight, interrupting a months-long surge.
• Earlier this week the company said it bought about $674 million of GPUs—7,100 Nvidia B300s, 4,200 B200s and 1,100 AMD MI350Xs—doubling its fleet to roughly 23,000 and guiding AI-cloud ARR to more than $500 million by Q1 2026.
• Bullish notes had fueled the rally: Bernstein raised its target to $75, Arete initiated a Buy at $78, and Roth lifted its target to $82 as shares hit fresh highs.
• Management emphasizes vertical control of power, land and data centers and points to bitcoin mining cash flow as a funding source, with analysts citing sizable mining EBITDA at current BTC prices.
• Investors are weighing financing needs, GPU delivery timing and competitive pressures, and TV host Jim Cramer cautioned the stock is “too hot.”