IREN has transformed from a Bitcoin mining company into a leading AI cloud platform, driving its stock up 511.84% in the past year. Despite a weak Q3 FY2026 report with revenue missing estimates and a large net loss due to non-cash impairments, the company’s AI Cloud Services revenue nearly doubled and it secured a $3.4 billion five-year contract with NVIDIA. With $3.1 billion of the $3.7 billion 2026 annual recurring revenue target already contracted, including deals with Microsoft and Dell, IREN’s outlook is bullish. Risks include high capital needs and customer concentration, but strong contracted revenue and growing AI demand support a $114.86 price target and a buy recommendation with 90% confidence.
