Microsoft Collaboration Energizes IREN’s AI Push, According to Canaccord

Canaccord Boosts IREN Price Target to $70, Citing Microsoft AI Partnership

November 10, 2025 — Canaccord Genuity raised its price target on IREN to $70 from $42 and reiterated a buy rating, calling the company’s new $9.7 billion GPU cloud contract with Microsoft (MSFT) a transformative step into the AI infrastructure market.

The five-year agreement marks a major strategic pivot for IREN, traditionally known for bitcoin mining. Analysts led by Joseph Vafi said the deal — which includes a 20% prepayment from Microsoft and a 32% projected levered IRR — could shift investor focus from crypto to AI-driven growth opportunities.

IREN shares closed 6.8% lower on Friday at $62.38, despite the bullish outlook.

Under the partnership, IREN will provide Nvidia GB300 GPUs from its Horizon data centers in Texas, helping finance roughly half of the $3 billion Horizon expansion. Canaccord noted that while chip supply and power constraints remain risks, Microsoft’s upfront payment and credit support reduce execution uncertainty.

The broker also pointed to IREN’s upcoming two-gigawatt Sweetwater 1 facility, slated to launch in 2026, as the next major growth catalyst amid tightening power supply for hyperscale operators. The firm lifted its Sweetwater valuation to $32 per share.

In the latest quarter, IREN reported $240.3 million in revenue, up 355% year-over-year. Canaccord said the company’s low-cost power, scale, and integration position it well at the intersection of crypto mining and AI computing.