IREN’s AI Growth Story Strengthens; Canaccord Raises Target 60% to $37

IREN (IREN) is expanding beyond mining, with its artificial intelligence infrastructure gaining traction. Canaccord Genuity raised its price target 60% to $37, noting growing visibility in both mining and AI revenue streams.

The company quadrupled its hashrate, added 1 MW of power, and became an NVIDIA preferred partner while acquiring 2,400 additional GPUs. Analysts highlight that this AI push, combined with efficient bitcoin mining, strengthens IREN’s long-term growth profile.

Meanwhile, mining operations remain robust, with revenue reaching $187.3M and adjusted EBITDA at $121.9M, supported by a fleet operating at 15 J/TH on 3.5 cents/kWh.