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IREN shares fall after Q2 revenue miss but analysts see 99% upside on AI cloud pivot and Microsoft deal.

Analyst Insights
09 Apr 2026
24/7 Wall Street
View Source
Bullish
pluang ai news

IREN Ltd missed Q2 revenue expectations due to a strategic shift from Bitcoin mining to AI cloud infrastructure, causing a 12% stock drop. Despite a $155 million net loss mainly from one-time charges, adjusted EBITDA remained strong. The company has secured $2.3 billion in annual contracted revenue, including a $9.7 billion Microsoft GPU deployment deal, aiming for $3.4 billion ARR by end of 2026. Analysts remain bullish, valuing the stock at nearly double current prices if execution on AI cloud ramp and GPU deployments succeeds, though risks include Bitcoin exposure and execution delays.

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