IREN Soars on $2.8 Billion AI Deal, Revenue Target Boosted

IREN shares surged on news of a $2.8 billion deal with AI developers, prompting management to raise its annual revenue target for the end of 2026 to over $4 billion.

The company's pivot from Bitcoin mining to AI infrastructure and cloud software is gaining traction amid the broader 'AI infrastructure' rally.

Cantor Fitzgerald has raised its price target on IREN to $77, while consensus targets cluster in the low-$80 range, reflecting expectations of stable recurring revenue.