JPMorgan Lifts IREN Stock to Overweight with $65 Price Target

JPMorgan has upgraded IREN's stock to Overweight and raised its price target to $65, citing the company's vertically integrated neocloud model and rising pricing. The bank sees 48% upside for IREN as AI infrastructure demand grows.

IREN is shifting its business away from Bitcoin mining and toward supplying computing infrastructure for artificial intelligence companies. Its strategic partnership with Nvidia and growing list of AI customers are key factors in JPMorgan's bullish view.

The company has raised its 2026 annual recurring revenue target to $4 billion, backed by significant GPU financing and a strong customer base. IREN plans to fully exit mining by December 2026 as hashprice falls to $38.56/PH/s from $53 a year ago.