New York, January 7, 2026, 15:28 EST — Regular session
- IREN shares fell about 2.8% in afternoon trading, tracking a dip in bitcoin-linked stocks.
- A fresh Zacks note flagged a rich valuation and weak momentum below a key moving average.
- Next focus: U.S. macro data this week and IREN’s next earnings, expected Feb. 11.
IREN Ltd shares were down 2.8% at $44.63 in late-afternoon trade, after swinging between $44.12 and $46.57 earlier in the session. Volume topped 16 million shares, putting the stock back in traders’ crosshairs after another choppy start to the year.
Why it matters now: IREN sits at the seam between bitcoin mining and the newer AI data-center trade, and that mix can cut both ways when risk appetite turns. The company’s last big re-rating came on the back of a multi-year GPU cloud deal with Microsoft, which also left investors fixated on build-out timelines and funding. 1
That sensitivity has been showing up again across crypto-exposed names as investors lean on macro signals. “Cryptocurrencies remain a high-risk segment and a strong correlation with tech shares should keep volatility elevated,” Swissquote Bank’s Ipek Ozkardeskaya said in a Reuters markets outlook. 2
A Zacks analysis published on Nasdaq on Wednesday leaned into the valuation debate, noting IREN’s trailing price-to-sales ratio at 24.12 times — a yardstick that compares a company’s market value to its revenue — and said the stock was trading below its 50-day moving average, a widely watched trend gauge. The note also pointed to IREN’s aim to scale its GPU fleet sharply by end-2026 and reach $3.4 billion in AI cloud annualized run-rate revenue (ARR), a measure of revenue pace based on contracted business. 3
Peers were soft too. Cipher Mining fell about 6.4%, underscoring how quickly sentiment can swing across the group even without company-specific headlines.
Bitcoin itself was down about 1.8% on the day, and that tape still sets the tone for miners and hybrid “AI plus mining” stories like IREN, especially during fast market moves.
The risk case hasn’t gone away. The Microsoft contract implies large equipment spending — IREN previously said it would buy roughly $5.8 billion of GPUs and related gear from Dell — and the rollout is scheduled in phases through 2026, leaving execution and delivery schedules as the pressure points if markets tighten. 4
For the near-term forecast, traders are looking for a reset around current levels ahead of the next hard catalyst: IREN is expected to report earnings on Feb. 11, according to Nasdaq’s earnings calendar. Investors will be watching for updates on GPU deployments, AI bookings and any changes to funding plans. 5
Before that, the next session setup may hinge on macro. Friday’s U.S. employment report is a key test for rate-cut expectations, and those bets have been moving high-beta, tech-linked and crypto-linked stocks together. 6
