New York, February 9, 2026, 11:22 (EST) — Regular session
- IREN shares climbed roughly 6% by late morning, even as bitcoin slipped.
- Last week’s quarterly numbers and the company’s AI buildout plan are both still getting picked over by investors.
- Some Wall Street targets climbed, others slipped after results landed; the next earnings date is already approaching
Shares of IREN Limited surged 6.4% to $44.51 on Monday, clawing back some ground after last week’s earnings-driven slide. Traders appeared to revive interest in the company’s AI-data-center pitch, even though bitcoin was down. The stock ranged from $39.27 to $45.11 during the session.
This is a big deal: IREN now swings with both bitcoin mining margins and the scramble to lease out graphics chips for AI. The stock can jump on news from either front, and investors are still wrestling with how fast that balance is changing.
Investors are looking for proof that the company can actually turn signed agreements and announced financing into operational GPU capacity — and manage it without stumbling over funding expenses or running into schedule slip-ups. It’s not just about this quarter; the focus has shifted to execution in the coming months.
IREN posted a total of $184.7 million in revenue for the quarter ended Dec. 31, but also logged a net loss of $155.4 million, according to its latest filing. Bitcoin mining pulled in $167.4 million, with another $17.3 million coming from AI Cloud Services. 1
Management’s been pushing to highlight the buildout. “Meaningful progress” on both capacity and capital, co-founder and co-CEO Daniel Roberts said, with demand at record levels for the company this quarter. IREN reported locking down $3.6 billion in GPU financing linked to the Microsoft deal, saying the rate would stay under 6% annually. Along with a $1.9 billion prepayment from Microsoft, the company expects this cash will take care of about 95% of its GPU-related capex. 2
AI stocks caught a bid, shrugging off weaker crypto action. Nvidia climbed roughly 3.5%. The QQQ ETF, which follows the Nasdaq, up around 0.7%. Bitcoin miners didn’t move in lockstep—Marathon Digital barely budged, Riot Platforms gained about 1.3%, CleanSpark edged higher by 1.0%. Core Scientific jumped 6.2%.
Analyst calls have diverged in the wake of the results. B. Riley bumped its price target on the stock up to $83 from $74, sticking with a Buy. The firm highlighted the $3.6 billion GPU financing deal, as well as additional power capacity in Oklahoma. Still, it noted adjusted EBITDA missed both its own estimate and what it described as consensus. 3
Cantor Fitzgerald slashed its price target to $82 from $136, though it stuck with an Overweight call. The firm pointed to quarter-over-quarter drops in both revenue and adjusted EBITDA, blaming softer bitcoin prices and a lower operating hash rate as IREN shifts more capacity to AI. Macquarie, too, trimmed its target, moving down to $70 from $95, but left its Outperform rating in place. 4
What draws investors to the stock — and also raises eyebrows — is just how much hinges on a handful of customers driving the AI transition. IREN’s splashy Microsoft pact, unveiled in November, slapped a concrete figure on its move to shed the old miner label. 5
Still, the story could easily flip. IREN’s filings note that GPU financing hinges on documentation and what the market looks like, while those lofty AI revenue goals? They ride on deliveries, utilization, pricing—all variables. If bitcoin stumbles hard, or AI demand tapers off, the numbers IREN’s banking on might not hold up.
Investors are scanning for fresh AI customer deals and looking for any updates around GPU shipment timing, but bitcoin’s day-to-day volatility remains on the radar. The big date circled: quarterly results land May 13, per Zacks. 6
