As of November 30, 2025, IREN Limited (NASDAQ: IREN) remains one of the most closely watched high‑beta names at the intersection of Bitcoin mining and AI infrastructure. After a spectacular rally in 2025, the stock is now digesting huge gains while fresh news on analyst coverage, governance and institutional flows continues to shape investor sentiment.
Where IREN Stock Stands Today
IREN shares currently trade around $48.45, up from roughly $10.18 at the start of 2025 and only a little above a 52‑week low near $5.13. That equates to a year‑to‑date gain of roughly 375–390%, even after a sharp pullback from the early‑November peak. The stock’s 52‑week high of $76.87 was set on November 6, 2025, the day of its Q1 FY26 earnings release. [1]
Recent trading has turned choppy. On Friday, November 28, MarketBeat reported that IREN slipped 1.1% intraday to around $47.89, on volume about 23% below its average of 25.5 million shares. [2] Even at these levels, the company carries a market cap of roughly $13.6 billion and trades on rich multiples relative to historical Bitcoin miners. [3]
For investors looking at IREN on November 30, the key question is whether the stock is simply cooling off after an extraordinary run—or whether recent developments point to another leg of growth.
The Latest Headlines Moving IREN Stock
Citizens initiates “Market Outperform” with an $80 price target
The most directly stock‑specific news this weekend is fresh analyst coverage. A note highlighted on Yahoo Finance and industry news feeds reports that Citizens initiated coverage of IREN with a “Market Outperform” rating and an $80 price target, referencing a November 19 start date for the coverage. [4]
According to the summary, Citizens’ thesis focuses on IREN’s evolution from a pure Bitcoin miner into an AI high‑performance computing (HPC) and cloud infrastructure provider, and the visibility provided by its recently signed multi‑year GPU cloud contract with Microsoft. [5]
An $80 target implies upside of roughly 65%–70% from the ~$48 level, though the stock has already traded above that target this month, underscoring just how volatile the name has become.
Envestnet buys IREN shares; institutional ownership passes 41%
On November 29, MarketBeat reported that Envestnet Asset Management Inc. opened a new position in IREN, purchasing 17,470 shares in the second quarter valued at about $255,000. The same report highlighted that institutional investors now own approximately 41.08% of IREN’s float, including stakes from firms like Wellington Management, Invesco and several hedge funds. [6]
While Envestnet’s position is modest in size, the broader pattern—growing institutional participation—matters for liquidity and for how fast the stock can move when sentiment shifts.
New auditor: KPMG replaces Raymond Chabot Grant Thornton
Governance and financial reporting were also in focus this week. In an 8‑K filing dated November 27, 2025, IREN disclosed that its board—on the recommendation of the Audit and Risk Committee—appointed KPMG LLP as its new independent registered public accounting firm, effective the same day. [7]
Key points from the filing and related coverage:
- Previous auditor dismissed: Raymond Chabot Grant Thornton LLP (RCGT) was dismissed after serving as auditor since May 19, 2023.
- No accounting disagreements: IREN stated there were no disagreements with RCGT regarding accounting principles, disclosure, or audit procedures for the fiscal years ended June 30, 2024 and June 30, 2025.
- Prior going‑concern language: RCGT’s report for the year ended June 30, 2024 included an explanatory paragraph expressing “substantial doubt” about IREN’s ability to continue as a going concern at that time, and noted a material weakness in internal controls—issues referenced again in the Investing.com summary of the filing. [8]
The shift to KPMG, a Big Four firm, will likely be seen by many investors as a step toward strengthening credibility and internal controls, but the earlier going‑concern language is a reminder of how quickly IREN’s financial profile has changed in a short time.
Q1 FY26 results: record revenue and the Microsoft AI cloud pivot
Earlier in November, IREN delivered a set of numbers that effectively reset expectations for the company.
In its Q1 FY26 results (quarter ended September 30, 2025), IREN reported: [9]
- Total revenue: $240.3 million, up 355% year‑over‑year.
- Bitcoin mining revenue: $232.9 million.
- AI Cloud Services revenue: $7.3 million (still small, but now explicitly broken out).
- Net income: $384.6 million, boosted heavily by a $665 million unrealized gain on financial instruments.
- Adjusted EBITDA: $91.7 million.
- Cash and equivalents: approximately $1.8 billion as of October 31, 2025, helped by financing and prepayments.
- Convertible notes: $1.0 billion of zero‑coupon convertible notes issued in October, plus prior notes, give the capital structure a meaningful contingent equity overhang.
The same release and a StockTitan synopsis highlighted the real headline:
- IREN announced it had secured a $9.7 billion multi‑year GPU cloud services contract with Microsoft.
- Under the agreement, IREN will supply Microsoft with access to NVIDIA GB300 GPUs over a five‑year term, deploying capacity at its 750 MW Childress, Texas campus.
- The deal includes a 20% prepayment from Microsoft and will support IREN’s target of $3.4 billion in annualized AI Cloud recurring revenue (ARR) by the end of 2026, backed by an expansion plan to 140,000 GPUs. [10]
For investors trying to reconcile “Bitcoin miner” headlines with “AI cloud” narratives, this contract is the bridge: it uses IREN’s existing power‑rich infrastructure to serve GPU‑hungry AI workloads rather than just ASIC‑based Bitcoin mining.
Operational scale: 50 EH/s, multi‑GW power and fast‑growing GPU fleets
Even before the Microsoft contract, IREN was already one of the largest players in power‑dense computing infrastructure.
On June 30, 2025, the company announced it had reached 50 exahashes per second (EH/s) of installed self‑mining capacity, meeting its mid‑year target and underscoring its status as one of the world’s largest Bitcoin miners. The press release also highlighted: [11]
- A 750 MW Childress site with 650 MW of operating capacity, anchoring both mining and future AI data center build‑out.
- A 2,910 MW grid‑connected power portfolio across more than 2,000 acres in the U.S. and Canada.
- 810 MW of operating data centers, powering three verticals: Bitcoin mining, AI Cloud Services and AI Data Centers.
- An AI cloud footprint that, at that time, included 1,896 NVIDIA H100 and H200 GPUs.
A later investor update (now restricted on the company’s IR site but summarized in search snippets) noted that IREN has since doubled AI cloud capacity to around 23,000 GPUs, as it ramps toward the 140,000‑GPU target referenced in the Q1 FY26 release. [12]
This dual‑engine structure—Bitcoin hashrate plus AI GPU clusters—is at the core of almost every analyst and media take on the stock.
MarketBeat: “Moderate Buy” consensus with high targets
MarketBeat’s November 28 note on IREN’s trading action also pulled together current Street sentiment: [13]
- 13 analysts rate the stock “Buy”, 3 “Hold”, and 3 “Sell”, for an overall “Moderate Buy” consensus.
- The average price target sits around $70–71 per share, with recently cited targets including $78, $94 and $105 from different firms.
- On conventional metrics, IREN trades at about 24–25x trailing earnings, with very high implied volatility (beta above 4).
Separately, a 24/7 Wall St. piece on November 29 grouped IREN among “3 stocks up 170% that still have more explosive growth ahead,” noting that: [14]
- IREN shares are up roughly 387% in 2025,
- The company has hit 40 EH/s hashrate (before rising to 50 EH/s),
- And it has locked in a 600 MW Texas grid deal to support high‑performance computing demand.
The article framed IREN as an AI infrastructure name riding both the Bitcoin rally and the GPU cloud boom, with a consensus 12‑month target implying substantial upside from the high‑40s share price.
A dissenting view: Zacks calls valuation “stretched” and rates IREN a Strong Sell
Not all research is bullish. In a pre‑earnings analysis republished through TradingView, Zacks Investment Research took a far more cautious stance: [15]
- Zacks highlighted that, ahead of Q1 FY26 results, IREN’s forward 12‑month price‑to‑sales ratio was about 13.8x, versus roughly 3.3x for the broader Financial–Miscellaneous Services industry.
- The firm noted IREN operates in a highly capital‑intensive, fast‑evolving sector, with total debt of about $962.8 million against $564.5 million in cash as of June 30, 2025 (this was prior to the October capital raise and Microsoft prepayment).
- While acknowledging strong growth in both Bitcoin mining and AI cloud revenue, Zacks pointed to margin volatility, competition from players like Applied Digital and TeraWulf, and the risk that Bitcoin hardware profits may be needed to subsidize capital spending on AI infrastructure.
In that piece, Zacks assigned IREN a Rank #5 (Strong Sell), arguing that stretched valuation and execution risk outweighed the upside at then‑current levels. [16]
This divergence—bullish AI‑plus‑Bitcoin growth narratives versus valuation‑driven skepticism—is central to the debate around IREN today.
AGM outcomes and governance updates
Governance‑focused investors also have fresh information. At its Annual General Meeting on November 19, 2025, IREN shareholders approved several key measures, including: [17]
- A 2025 Omnibus Incentive Plan for equity‑based compensation,
- Amendments to the company’s constitution to better align quorum rules with Nasdaq requirements,
- Provisions for annual director elections,
- Updated advance‑notice rules to handle universal proxy contests,
- And a forum selection clause to centralize certain legal disputes.
Combined with the change in auditor, these moves suggest the company is consciously aligning its governance framework with U.S. large‑cap tech and infrastructure peers, rather than remaining a niche crypto miner.
From Iris Energy to IREN: Business Model in Transition
Originally known as Iris Energy Limited, the company rebranded as IREN Limited in 2024 as it leaned more aggressively into AI and high‑performance computing alongside Bitcoin mining. [18]
Today, the business can be thought of in three interconnected segments:
- Bitcoin Mining
- AI Cloud Services
- Provides GPU‑based cloud compute for AI training and inference, currently using tens of thousands of NVIDIA GPUs. [21]
- The Microsoft deal effectively underwrites a large chunk of the planned AI cloud revenue ramp through 2026.
- AI Data Centers / Colocation
- Designs, builds and operates liquid‑cooled data centers with up to 200 MW of IT load at the Childress campus and future capacity at the 2 GW Sweetwater Hub, where substation energization is planned for 2026 and 2027. [22]
This dual‑engine growth model—Bitcoin cash flow plus AI infrastructure—is a big part of why IREN is often grouped with “AI infrastructure” or “neocloud” stocks rather than traditional crypto miners alone.
Key Risks and Considerations for IREN Shareholders
While the recent news flow is largely positive, several important risks are front and center in late 2025:
- Bitcoin price dependence
Despite its AI ambitions, the majority of IREN’s Q1 FY26 revenue still comes from Bitcoin mining, leaving earnings highly sensitive to BTC price swings and network hashrate changes. [23] - Execution risk on massive capex plans
The build‑out to 140,000 GPUs and multi‑GW campuses requires billions in capex, complex construction milestones and tight supply chains for NVIDIA hardware and data center equipment. [24] - Balance sheet leverage and potential dilution
IREN has added zero‑coupon convertible notes and other financing to fund expansion, and the Q1 results show a capital structure that now mixes equity, convertibles and GPU financing. These instruments can buffer liquidity but also introduce future dilution and sensitivity to interest rates and equity volatility. [25] - Regulatory and energy‑market risk
As a large, grid‑connected user of electricity in multiple jurisdictions, IREN is exposed to evolving regulations on crypto mining, AI data centers and grid usage, as well as potential changes in power pricing and access. - Valuation and sentiment swings
With the stock having surged several hundred percent in a year and trading at high sales multiples versus peers, IREN is vulnerable to sharp corrections if earnings growth slows, AI capex enthusiasm fades, or Bitcoin retraces. The stark contrast between bullish articles and Zacks’ Strong Sell call reflects how polarized views are right now. [26]
What November 30, 2025’s News Means for IREN Stock
Taken together, the late‑November developments around IREN Limited paint a nuanced picture:
- Positive signals
- A new “Market Outperform” rating and $80 target from Citizens,
- Rising institutional ownership, including Envestnet’s new stake,
- A Big Four auditor (KPMG) now signing off on financials,
- And record Q1 FY26 results tied to a $9.7 billion AI cloud deal with Microsoft and a multiyear GPU expansion roadmap.
- Balancing factors
- A still‑heavy reliance on Bitcoin economics,
- Significant leverage and capex commitments,
- Valuation metrics that some analysts call “stretched”,
- And the reality that execution on AI data center projects must be nearly flawless to justify the current enterprise value.
For investors evaluating IREN on November 30, 2025, the stock is no longer a small‑cap crypto miner—it’s a highly volatile AI‑plus‑Bitcoin infrastructure play whose future will be defined by the success of its Microsoft partnership, GPU deployments and ability to maintain low‑cost power at scale.
References
1. www.intelligentinvestor.com.au, 2. www.marketbeat.com, 3. www.marketbeat.com, 4. finance.yahoo.com, 5. www.insidermonkey.com, 6. www.marketbeat.com, 7. www.sec.gov, 8. www.investing.com, 9. www.stocktitan.net, 10. www.globenewswire.com, 11. www.globenewswire.com, 12. irisenergy.gcs-web.com, 13. www.marketbeat.com, 14. 247wallst.com, 15. www.tradingview.com, 16. www.tradingview.com, 17. www.tipranks.com, 18. www.marketscreener.com, 19. www.globenewswire.com, 20. www.globenewswire.com, 21. irisenergy.gcs-web.com, 22. www.stocktitan.net, 23. www.globenewswire.com, 24. www.stocktitan.net, 25. www.globenewswire.com, 26. 247wallst.com
