IREN
NVDA
New deal, same AI hype
IREN is still trading like the market has trust issues, but analysts are leaning in. JPMorgan upgraded the stock from Underweight to Overweight and lifted its price target from $46 to $65, arguing the company is becoming a legit neocloud player instead of just another name in the AI infrastructure pile.
Why the bulls are getting louder
The core pitch is pretty simple: IREN keeps signing more customers, and the pricing backdrop is getting nicer for sellers. JPMorgan says neocloud contracts are now running around $15 to $20 per watt and higher, up from roughly $10 to $15 per watt, which is basically the difference between “interesting side hustle” and “this might actually print money.”
BTIG didn’t exactly rain on the parade either. It kept a Buy rating and an $80 target, pointing to IREN’s vertically integrated setup — power plus compute — and its Nvidia-fueled GPU-as-a-service business. In other words, the company is trying to be the whole buffet, not just the fries.
What investors should watch
- IREN says its 2026 ARR has climbed from $3.4 billion in November to $3.7 billion in May and now as high as $4.0 billion.
- The company ended June with 40 MW of capacity and could reach about 400 MW of operational capacity by the end of 2026.
- JPMorgan notes customer prepayments are helping fund GPU purchases, which is helpful when your growth plan involves a very expensive shopping cart.
Big picture: the stock may be under pressure today, but analysts are basically saying the business mix is getting more credible, more scalable, and more expensive-looking in a good way.