IREN Limited (IREN) Rebounds on Nvidia AI Surge, Canaccord’s $70 Target and New Institutional Buying

IREN Limited (NASDAQ: IREN) — the former bitcoin miner now pitching itself as a renewable-powered AI data center platform — is back in the spotlight on November 20, 2025, as fresh analyst coverage, new institutional money and an AI-driven market rally collide.

By late morning U.S. trading, IREN shares were up around 10–11% near the $50 mark, after closing at $45.83 on Wednesday. StockAnalysis data shows the stock trading near $50.9 (+11%), with an intraday range roughly between $48.8 and $54.1, a 52‑week band of $5.13 to $76.87, a market cap around $14.4 billion and a trailing P/E near 25–26. ^[1]

Today’s move caps an exceptionally volatile month for the stock — and it comes with a stack of new headlines specifically dated November 20, 2025.

1. Nvidia earnings light up IREN and other AI‑linked bitcoin miners

The immediate catalyst for today’s rebound is Nvidia’s blockbuster Q3 earnings, which have reignited enthusiasm for AI infrastructure names.

A CoinDesk market update notes that after Nvidia beat expectations and guided strongly for Q4, AI and high‑performance computing (HPC) stocks surged in pre‑market trading, with IREN up more than 8% around $50, alongside double‑digit gains in peers like Cipher Mining and Hive Digital. ^[2]

A separate recap reposted via BingX/cryptopolitan puts more precise numbers on the move: in after‑hours and extended trading on November 20, IREN stock climbed about 10.08% to $50.45, while Cipher Mining jumped nearly 13%. Both companies are highlighted as transitioning from pure bitcoin mining to AI data center operations, leveraging demand for GPU compute via big‑tech partnerships. ^[3]

This Nvidia‑driven rally is landing after a bruising pullback: one technical note earlier this week flagged that IREN had fallen about 40% over the last ten trading days, even as volume remained elevated, underlining how sentiment can flip quickly in this name. ^[4]

2. Canaccord Genuity reiterates bullish case with a $70 price target

The most prominent IREN‑specific headline dated November 20, 2025 is a widely syndicated note highlighting Canaccord Genuity’s recent price target hike.

An analysis published by Insider Monkey and mirrored by several financial news feeds explains that Canaccord raised its target on IREN from $42 to $70 on November 10, maintaining a “Buy” rating, and that recap is being picked up across newswires today. ^[5]

Key points from that report:

The upgrade followed IREN’s landmark $9.7 billion AI cloud deal with Microsoft, under which IREN will supply GPU services across its Horizons 1–4 data centers. ^[6]
Canaccord estimates that the Microsoft GPU project alone is worth about $22 per IREN share using a discounted cash‑flow model with an 8% WACC. ^[7]
The firm also boosted its valuation of IREN’s Sweetwater 1 site from $24 to $32 per share, citing richer valuations for comparable data centers, even though it still sees the site trading at a discount to peers with established colocation contracts. ^[8]
The combined effect of the Microsoft deal plus Sweetwater uplift explains the full jump in Canaccord’s target from $42 to $70. ^[9]

The same article revisits IREN’s fiscal Q1 2026 report, released on November 6:

Quarterly revenue climbed to $240.3 million, up from $187.3 million in the prior quarter.
Bitcoin mining contributed about $232.9 million, while AI cloud services added $7.3 million — still small but growing. ^[10]
Management is targeting an annualized AI + mining revenue run‑rate of roughly $3.4 billion by the end of 2026, supported by plans to deploy around 40,000 GPUs in Canada and expand AI cloud capacity. ^[11]

In other words, today’s Canaccord‑focused headlines are less about a new rating change and more about re‑amplifying a bullish target and thesis that hinge on the Microsoft contract and IREN’s power infrastructure.

3. New 13F filing: Weaver Consulting Group opens a position in IREN

Another fresh headline dated November 20, 2025 comes from MarketBeat, which reports that Weaver Consulting Group has initiated a new stake in IREN. ^[12]

According to the latest Form 13F filing summarized in that article:

Weaver bought 14,199 IREN shares in Q2, valued at roughly $207,000. ^[13]
The piece notes that other institutions have also been adjusting positions, with a mix of new small stakes and position increases from firms such as Quarry LP, Delta Financial Group, R Squared Ltd, US Bancorp DE and Wellington Management. ^[14]
MarketBeat’s tally suggests that about 41% of IREN’s float is held by hedge funds and other institutions, reflecting meaningful but not dominant institutional ownership. ^[15]

The article also highlights recent insider selling:

Co‑CEO Daniel John Roberts sold 1,000,000 shares on September 11 at an average price of $33.13, for proceeds of roughly $33.13 million, trimming his stake by about 6.7%. After the sale he still owned close to 14 million shares. ^[16]

While insider sales often spook momentum traders, the context here is important: the sales came before the full scope of the Microsoft deal and subsequent share‑price spike, and Roberts continues to hold a very large position.

4. Social and smart‑money chatter: AI cloud pivot vs. volatility

A brand‑new QuiverQuant “DiscussionTracker” note posted today pulls together how retail traders, insiders, hedge funds and even members of Congress are positioning around IREN. ^[17]

Highlights from that November 20 piece:

AI cloud excitement

Social media discussion (especially on X) is dominated by IREN’s strategic pivot into AI cloud, running GPU clusters alongside its bitcoin mining operations.
Traders are focused on the “massive GPU cloud services contract worth billions with a major tech firm” — clearly the Microsoft deal — and see it as a bold move into a high‑growth sector. ^[18]

Volatility and short‑seller scrutiny

The same feed notes concern over recent sharp declines in IREN’s share price, with many posts pointing to elevated volatility and speculation about short‑seller activity.
The stock’s beta of around 4.2 and frequent double‑digit daily swings underscore just how fast sentiment can change. ^[19]

Insider and Congressional trading

QuiverQuant tracks *two insider sales over the past six months, both by IREN’s co‑CEOs Daniel and William Gregory Roberts, each selling 1 million shares for about $33.1 million. ^[20]
Interestingly, the platform also shows three separate purchases of IREN by a U.S. Representative (Cleo Fields) over the same period, totaling up to roughly $80,000 in value, and no Congressional sales. ^[21]

Hedge funds and analyst targets

On the hedge fund side, QuiverQuant flags over 240 institutions increasing their IREN stakes and 139 reducing them in the latest quarter, underlining how polarizing the stock has become. ^[22]
Across recent Wall Street research, at least 10 analysts have issued price targets, with a median around $76.50 and individual targets ranging from $24 to $136. ^[23]

Put together, today’s sentiment snapshot shows a split market: some traders see IREN as one of the clearest ways to play the AI infrastructure boom, while others worry that the stock’s explosive rally in 2025 has outrun fundamentals.

5. The Microsoft deal: why it still drives the IREN story

Although the Microsoft–IREN cloud contract was announced on November 3, it remains central to almost every piece of coverage surfacing today. ^[24]

According to Reuters and other outlets:

Microsoft struck a five‑year, $9.7 billion agreement to buy AI computing capacity from IREN, including access to Nvidia GB300 GPUs. ^[25]
The deal is tied primarily to IREN’s 750 MW Childress, Texas campus, where new liquid‑cooled data halls are being built to deliver about 200 MW of critical IT load for AI workloads. ^[26]
Microsoft is expected to pay roughly 20% of the contract value up front, helping finance part of IREN’s $5.8 billion hardware and infrastructure deal with Dell, which will supply servers and equipment for the build‑out. ^[27]
The contract reportedly includes delivery milestones and termination clauses, meaning IREN must execute flawlessly on construction, power and GPU deployment to realize the full economics. ^[28]

IREN’s own website stresses that it has:

810 MW of operational capacity today,
2,100 MW under construction, and
over 1,000 MW in development,
for a total 2,910 MW of power secured across five North American locations — all marketed as being powered by 100% clean or renewable energy (directly or via RECs). ^[29]

That multi‑gigawatt “power moat” is exactly what today’s Seeking Alpha note, “The IREN Rebound Is Starting,” leans on: the author argues that combining this power footprint with Microsoft‑backed AI cloud annual recurring revenue (ARR) could leave the stock undervalued on projected 2027 revenue of about $2.4 billion, implying much lower forward P/S and P/E multiples than today. ^[30]

6. Where the fundamentals stand after Q1 FY26

Beyond the daily tape action, investors reading today’s coverage will see a company undergoing a rapid transformation:

Name & focus: IREN was formerly known as Iris Energy Limited and officially rebranded as IREN Limited in November 2024, signaling a shift from pure bitcoin mining to a broader AI/HPC data center platform. ^[31]
Core business: It still mines bitcoin, but now prominently markets AI Cloud, colocation and build‑to‑suit data center solutions, all underpinned by vertically integrated, renewable‑powered facilities in Canada and the U.S. ^[32]
Financials:
- Trailing‑twelve‑month revenue is about $688.6 million, with net income around $523.3 million, according to StockAnalysis. ^[33]
- In Q1 FY26, revenue surged to $240.3 million, a year‑over‑year increase of roughly 355%, with net income of about $385 million, powered primarily by bitcoin mining but with AI cloud starting to contribute. ^[34]
Valuation:
- Consensus data from StockAnalysis shows 11 analysts covering the stock, with an average 12‑month price target of $70.89, implying roughly 40% upside from current levels. ^[35]
- MarketBeat’s tally is slightly different — 13 Buys, 3 Holds, 3 Sells and an average target near $69.36, confirming that most, but not all, analysts remain bullish. ^[36]

At the same time, more cautious notes — including a Sell rating from H.C. Wainwright with a $45 target and skeptical pieces arguing that IREN’s long‑term moat remains unproven — are a reminder that execution risk is high and expectations are already elevated after a multi‑hundred‑percent rally this year. ^[37]

7. What today’s action means for IREN stock watchers

Putting today’s November 20 headlines together, the picture looks like this:

Macro tailwind: Nvidia’s results have reopened the “AI infrastructure trade”, lifting high‑beta names like IREN after a steep short‑term drawdown. ^[38]
Fundamental driver: The $9.7 billion Microsoft deal remains the central pillar of the IREN bull case, providing long‑dated contracted revenue if the company delivers its massive build‑out on time. ^[39]
Street support:Canaccord’s $70 target, Citizens’ recent “Market Outperform” initiation and other Buy‑rated targets up to $136 signal that many analysts still see upside from today’s ~$50 share price. ^[40]
Smart‑money signals: A new stake from Weaver Consulting Group and large hedge‑fund position changes show institutional investors actively trading the story — in both directions. ^[41]
Risks: Elevated volatility, insider selling, mixed analyst opinions and sensitivity to both bitcoin and AI sentiment mean the stock can move sharply on news — as today illustrates.

For traders, today’s move confirms that IREN remains highly levered to AI enthusiasm and Nvidia‑related headlines, as well as to broader crypto sentiment.

For long‑term investors, the key questions raised across today’s research and commentary are:

Can IREN execute on a multi‑billion‑dollar capex plan without blowing out its balance sheet?
Will Microsoft (and any future hyperscaler partners) renew and expand contracts, or will this prove to be a one‑cycle spike?
How resilient is the business model if bitcoin prices weaken while AI infrastructure enters a more competitive, lower‑margin phase?

Important note

This article summarizes publicly available information as of November 20, 2025 and is for informational purposes only. It is not investment advice or a recommendation to buy or sell any security. Always do your own research and consider speaking with a licensed financial advisor before making investment decisions.

NVIDIA H200 GPUs install at IREN's Prince George AI Data Center