$IREN is quietly becoming a very different company — and AI Cloud is starting to show it.
Fiscal 2026 AI Cloud revenue jumped to $128.8M from $16.4M, nearly an 8x increase year over year.
The bigger signal came in Q4: AI Cloud revenue reached $70.5M, actually surpassing Bitcoin mining revenue of $66.7M.
That’s a meaningful shift. IREN isn’t just talking about moving from Bitcoin mining toward AI infrastructure — the revenue mix is already starting to reflect it.
Yet the stock is trading at $38.69, down 49.7% from its $76.87 52-week high.
Wall Street remains much more bullish. 20 analysts have a Buy consensus with an average target of $78.14, implying roughly 102% upside from the current price.
But the gap won’t close on expectations alone. IREN has 810MW of operational data-center capacity and another 2.1GW under construction.
Fiscal 2026 AI Cloud revenue jumped to $128.8M from $16.4M, nearly an 8x increase year over year.
The bigger signal came in Q4: AI Cloud revenue reached $70.5M, actually surpassing Bitcoin mining revenue of $66.7M.
That’s a meaningful shift. IREN isn’t just talking about moving from Bitcoin mining toward AI infrastructure — the revenue mix is already starting to reflect it.
Yet the stock is trading at $38.69, down 49.7% from its $76.87 52-week high.
Wall Street remains much more bullish. 20 analysts have a Buy consensus with an average target of $78.14, implying roughly 102% upside from the current price.
But the gap won’t close on expectations alone. IREN has 810MW of operational data-center capacity and another 2.1GW under construction.