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IREN Ltd (IREN) Stock

IREN Ltd Stock Details, Movements and Public Alerts

IREN (IREN): The Bitcoin Miner Pivoting to AI Cloud With $1.25 Billion in Annualized Revenue and 810 MW of Power

IREN (formerly Iris Energy) builds and operates next-generation data centers that serve two markets: bitcoin mining and AI cloud computing. Co-CEO Daniel Roberts has scaled the operation to 810 MW of power capacity, supporting one of the world's largest bitcoin mining fleets at 50 EH/s alongside 10,900 Nvidia GPUs for AI workloads. Full-year FY2025 revenue reached $501 million, up 168% from the prior year, with net income of $87 million. Q1 FY2026 posted $240 million in revenue (355% growth) and $385 million in net income. The company approaches $1.25 billion in annualized revenue, split between over $1 billion from bitcoin mining and $200-250 million from AI cloud. Bitcoin mining generates high margins with all-in cash cost of $36,000 per coin versus $99,000 average realized price. IREN targets a massive AI expansion to 140,000 GPUs and $3.4 billion in annualized AI cloud revenue by end 2026.

52-Week Range

$76.87 - $5.12

-47.99% from high · +680.86% from low

Avg Daily Volume

44,428,412

20-day average

100-day avg: 40,582,882

Fundamentals

Valuation Metrics

P/E Ratio (TTM)

27.76

Above market average

Forward P/E

64.52

Earnings expected to decline

PEG Ratio

4.05

Potentially overvalued

Price to Book

5.58

EV/EBITDA

20.12

EPS (TTM)

$1.44

Price to Sales

17.52

Beta

4.28

More volatile than market

Q:How is IREN valued relative to its earnings and growth?
IREN Ltd trades at a P/E ratio of 27.76, which is above the market average of approximately 20. This premium valuation suggests investors expect above-average growth or the company has competitive advantages justifying the higher multiple. Looking ahead, the forward P/E of 64.52 is higher than the current P/E, indicating analysts expect earnings to decline over the next year. The PEG ratio of 4.05 indicates a premium valuation even accounting for growth.
Q:What is IREN's risk profile compared to the market?
With a beta of 4.28, IREN Ltd is significantly more volatile than the market. For every 10% market move, this stock tends to move 43% in the same direction. Higher beta stocks offer greater potential returns but with increased risk. The price-to-book ratio of 5.58 shows investors value the company above its book value, which often reflects intangible assets or growth prospects.

Performance & Growth

Profit Margin

51.50%

Operating Margin

-45.80%

EBITDA

$194.25M

Return on Equity

20.50%

Return on Assets

-1.42%

Revenue Growth (YoY)

59.00%

Earnings Growth (YoY)

42.90%

Q:How profitable and efficient is IREN's business model?
IREN Ltd achieves a profit margin of 51.50%, meaning it retains $51.50 from every $100 in revenue after all expenses. This is an impressive margin, indicating strong pricing power and efficient cost management that allows the company to generate substantial profits. The operating margin of -45.80% reveals how efficiently the company runs its core business operations before interest and taxes. With ROE at 20.50% and ROA at -1.42%, the company generates strong returns on invested capital.
Q:What are IREN's recent growth trends?
IREN Ltd's revenue grew by 59.00% year-over-year, representing robust expansion that significantly outpaces typical market growth rates. This strong top-line performance suggests the company is successfully capturing market share or benefiting from favorable industry trends. Earnings increased by 42.90% year-over-year, reflecting the bottom-line impact of business performance. These growth metrics should be evaluated against CAPITAL MARKETS industry averages for proper context.

Company Size & Market

Market Cap

$13.3B

Revenue (TTM)

$757.10M

Revenue/Share (TTM)

$2.95

Shares Outstanding

331.76M

Book Value/Share

$7.57

Asset Type

Common Stock

Q:What is IREN's market capitalization and position?
IREN Ltd has a market capitalization of $13.3B, classifying it as a large-cap stock ($10B-$200B). Large-caps are typically industry leaders with established business models, offering a balance of stability and growth potential. They often provide dividend income and are core holdings in institutional portfolios. With 331.76M shares outstanding, the company's ownership is relatively concentrated. As a participant in the CAPITAL MARKETS industry, it competes with other firms in this sector.
Q:How does IREN's price compare to its book value?
IREN Ltd's book value per share is $7.57, while the current stock price is $39.98, resulting in a price-to-book (P/B) ratio of 5.28. This high P/B ratio indicates significant intangible assets, strong brand value, or high growth expectations. Technology and consumer brand companies often trade at elevated P/B ratios due to intellectual property and competitive advantages not reflected on the balance sheet. As a common stock, this represents equity ownership with voting rights.

Analyst Ratings

Analyst Target Price

$79.31

98.37% upside potential

Analyst Recommendations

Strong Buy

1

Buy

10

Hold

2

Sell

0

Strong Sell

1

Q:How reliable are analyst predictions for IREN?
14 analysts cover IREN with 79% recommending buy/strong buy ratings. Analyst predictions have mixed reliability - studies show consensus rarely beats market returns consistently. The strong bullish consensus may already be priced in. The consensus target of $79.31 implies 98.4% upside, but targets are often adjusted to follow price moves rather than predict them.
Q:What is the Wall Street consensus on IREN?
Current analyst recommendations:1 Strong Buy, 10 Buy, 2 Hold, 01 Strong Sell. The bullish tilt suggests optimism about future prospects, though investors should conduct independent research.Remember that analyst opinions often lag price movements and can be influenced by investment banking relationships.

Fundamentals last updated: Feb 22, 2026, 02:07 AM

Technical Indicators

RSI (14-day)

41.50

Neutral

50-Day Moving Average

$45.93

-12.95% below MA-50

200-Day Moving Average

$34.37

16.32% above MA-200

MACD Line

-2.36

MACD Signal

-1.48

MACD Histogram

-0.88

Bearish

Q:What does IREN's RSI value tell investors?
The RSI (Relative Strength Index) for IREN is currently 41.50, indicating the stock is in neutral territory (40-60 range). Neither buyers nor sellers have clear control, suggesting consolidation or balanced market forces. Combined with the price being below the 50-day moving average, this confirms bearish conditions.
Q:How should traders interpret IREN's MACD and moving average crossovers?
MACD analysis shows the MACD line at -2.36 below the signal line at -1.48, with histogram at -0.88. This bearish crossover indicates downward pressure. The 50-day MA ($45.93) is above the 200-day MA ($34.37), forming a golden cross pattern that typically signals a long-term uptrend. Price is currently between the MAs, suggesting transition.

Indicators last updated: Feb 22, 2026, 12:34 AM

Active Alerts

Alert Condition
Price rises above
Threshold
$79.31
Created
Feb 18, 2026, 05:16 PM
Alert Condition
MA Breakout (Bullish)
Threshold
50 days
Created
Feb 18, 2026, 05:16 PM
Alert Condition
RSI Threshold Cross
Threshold
30
Created
Feb 18, 2026, 05:16 PM
Alert Condition
RSI Threshold Cross
Threshold
30
Created
Feb 18, 2026, 05:16 PM
Alert Condition
MA Breakout (Bullish)
Threshold
50 days
Created
Feb 18, 2026, 05:16 PM
Alert Condition
Price rises above
Threshold
$79.31
Created
Feb 12, 2026, 05:16 PM
Alert Condition
MA Breakout (Bullish)
Threshold
50 days
Created
Feb 9, 2026, 06:13 PM
Alert Condition
RSI Threshold Cross
Threshold
30
Created
Feb 9, 2026, 05:09 PM
Alert Condition
RSI Threshold Cross
Threshold
30
Created
Feb 6, 2026, 05:32 PM
Alert Condition
Earnings Announcement
Threshold
3 days
Created
Jan 26, 2026, 04:18 PM
Alert Condition
Earnings Announcement
Threshold
3 days
Created
Jan 22, 2026, 04:16 PM
Alert Condition
Earnings Announcement
Threshold
3 days
Created
Jan 13, 2026, 03:40 PM

IREN (IREN) Stock Analysis 2025: Complete Investment Guide

Dual Revenue Streams: Bitcoin Mining and AI Cloud

IREN operates data centers that serve two distinct but complementary markets. The bitcoin mining operation runs 50 EH/s of hash rate, making it one of the largest mining fleets globally. The AI cloud business deploys Nvidia GPUs for machine learning training and inference workloads. Both businesses share the same underlying infrastructure: power procurement, cooling systems, network connectivity, and physical security.

Co-CEO Daniel Roberts identified this dual-use model early. Mining data centers already solve the hard problem of securing large amounts of cheap, reliable electricity. When AI training demand exploded, IREN converted a portion of its power capacity to GPU hosting, creating a second revenue stream with higher margins per megawatt than bitcoin mining. The company now approaches $1.25 billion in total annualized revenue, split roughly 80/20 between mining and AI cloud.

The AI Cloud Expansion to 140,000 GPUs

IREN currently operates 10,900 Nvidia GPUs generating $200-250 million in annualized AI cloud revenue. The company plans to expand to 140,000 GPUs by end of 2026, which would support a targeted $3.4 billion in annualized AI cloud revenue. This represents a roughly 13x expansion in GPU count and a proportional revenue increase.

The expansion requires significant capital expenditure for GPU procurement, data center construction, and power infrastructure upgrades. IREN's existing power contracts and site development expertise provide advantages: the company already has 810 MW of operating capacity and can leverage relationships with utilities and grid operators to secure additional power. The economics favor the transition: AI cloud revenue per megawatt exceeds bitcoin mining revenue per megawatt, so reallocating power from mining to AI increases total revenue and margins.

Financial Performance

  • •FY2025 Revenue: $501.0 million, up 168% from $187.2 million
  • •Q1 FY2026 Revenue: $240.3 million, up 355% from $52.8 million
  • •FY2025 Net Income: $86.9 million; Q1 FY2026 net income $384.6 million
  • •Bitcoin Mining Economics: All-in cash cost $36,000/BTC vs average realized price $99,000/BTC
  • •Data Center Capacity: 810 MW operating; 50 EH/s mining; 10,900 GPUs for AI
  • •AI Cloud Target: 140,000 GPUs and $3.4 billion annualized revenue by end 2026

Growth Catalysts

  • •GPU Expansion to 140K: 13x increase from current 10,900 GPUs; each GPU deployed adds incremental high-margin AI cloud revenue
  • •AI Cloud Revenue Mix Shift: AI generates higher revenue per MW than mining; shifting power allocation from mining to AI improves blended margins
  • •Bitcoin Price Leverage: $36K all-in cost versus $99K realized price provides wide margins; continued BTC appreciation increases mining profitability
  • •Power Asset Value: 810 MW of operating capacity in a market where data center power is the primary bottleneck; power contracts carry long-term strategic value
  • •Dual Business Optionality: Flexibility to allocate capacity between mining and AI based on relative economics; natural hedge against either market softening

Risks and Challenges

  • •Execution Risk on 140K GPU Target: Scaling from 10,900 to 140,000 GPUs in roughly one year requires massive capital deployment, GPU procurement, and data center construction with no room for delays
  • •Capital Requirements: GPU purchases and infrastructure buildout require billions in capital; funding may dilute shareholders through equity raises or increase debt burden
  • •Bitcoin Price Risk: Mining revenue depends on BTC price; a sustained decline to $50,000 would cut mining margins by more than half
  • •Competition for GPU Allocation: Nvidia prioritizes hyperscalers and large AI companies; IREN must compete for GPU supply against larger, better-capitalized buyers
  • •AI Compute Pricing Pressure: As more GPU capacity comes online from CoreWeave, Nebius, and hyperscalers, AI cloud pricing may compress and reduce margins

Competitive Landscape

In bitcoin mining, IREN competes with MARA Holdings, Riot Platforms, CleanSpark, and Core Scientific. IREN's advantage is the dual-use model: the ability to allocate power between mining and AI based on relative economics. Core Scientific follows a similar strategy, converting mining capacity to AI hosting. MARA and Riot remain primarily focused on bitcoin mining.

In AI cloud, IREN competes with CoreWeave, Nebius, Lambda, and the hyperscalers. IREN is smaller than CoreWeave but has an advantage in owning power assets and operating data centers rather than leasing them. The vertically integrated model, from power procurement to GPU deployment to customer-facing cloud, provides cost control that pure GPU cloud providers cannot match.

Who Is This Stock Suitable For?

Perfect For

  • ✓Investors who want dual exposure to bitcoin mining and AI cloud computing in a single company
  • ✓Growth investors seeking triple-digit revenue growth backed by concrete GPU expansion plans
  • ✓Those who believe power assets and data center infrastructure will be the most valuable assets in the AI era
  • ✓Bitcoin-bullish investors who also want AI cloud optionality as a hedge against mining cycle volatility

Less Suitable For

  • ✗Income investors (no dividend; company reinvesting aggressively in GPU and data center expansion)
  • ✗Risk-averse investors (extreme capital intensity, execution risk on 13x GPU scaling, bitcoin price sensitivity)
  • ✗Those who believe AI cloud pricing will compress as supply expands, reducing margins for independent providers
  • ✗Investors uncomfortable with the rapid pace of capital deployment and potential dilution

Investment Thesis

IREN has built a data center business that generates revenue from both bitcoin mining and AI cloud computing, with 810 MW of power capacity providing the foundation. The mining operation produces bitcoin at $36,000 all-in cost versus $99,000 realized price, generating substantial cash flow. The AI cloud business, still early at 10,900 GPUs, targets a massive expansion to 140,000 GPUs and $3.4 billion in annualized revenue by end 2026.

The investment thesis depends on two factors: bitcoin prices staying high enough to fund the AI expansion, and the AI cloud business scaling as planned. If both materialize, IREN transitions from a mining company to a diversified digital infrastructure operator with multiple revenue streams. Co-CEO Daniel Roberts has a track record of scaling power infrastructure rapidly, but the 140,000 GPU target is ambitious by any standard. For investors who want combined BTC and AI exposure with an owner-operator model, IREN offers a differentiated approach in the data center space.

Conclusion

IREN offers unique dual exposure to bitcoin mining and AI cloud infrastructure through vertically integrated data centers. The 168% revenue growth and high mining margins provide current cash flow while the 140,000 GPU expansion plan offers significant growth optionality. The stock suits aggressive growth investors who believe both bitcoin and AI compute demand will remain strong.
Bull Case
$22 (55% upside) - Hits 140K GPU target, AI ARR reaches $3B+, BTC stays above $90K, total revenue exceeds $4B annualized
Base Case
$15 (5% upside) - GPU expansion reaches 80-100K, AI ARR $1.5-2B, mining remains profitable, revenue doubles from current run-rate
Bear Case
$5 (65% downside) - GPU expansion stalls, BTC falls below $50K, AI pricing compresses, capital raises dilute shareholders

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