Overview
- Jefferies initiated coverage with a Buy rating and a $79 price target, and the call helped push IREN shares roughly 5% higher in premarket trading on Thursday.
- IREN holds headline agreements with Microsoft and Nvidia worth about $9.7 billion and $3.4 billion respectively, deals that Jefferies says underpin roughly $3.1 billion in potential annual recurring revenue.
- The company has repurposed its Bitcoin‑mining footprint into GPU‑based AI cloud capacity and reports revenue up about 105% over the past year as it shifts to running and selling AI compute services.
- IREN controls a large secured power and land portfolio reported between roughly 4.5 GW and 6 GW but currently uses only about 10% of that capacity, so the business depends on a fast pace of GPU deliveries, data‑center buildouts, and reliable operations.
- IREN has raised financing including a roughly $3.6 billion GPU package, a sizable convertible note sale and an expanded $6 billion at‑the‑market equity program, but reporters warn a multibillion‑dollar funding gap and potential dilution remain key risks to execution and shareholders.