IREN Limited Stock (NASDAQ: IREN) News and Forecasts on Dec. 12, 2025: Microsoft AI Deal, $2.3B Convertibles, Analyst Price Targets
IREN shares fell into the low-$40s on December 12, 2025, after closing a $2.3 billion convertible notes offering and a 39.7 million share equity sale at $41.12. The moves follow IREN’s $9.7 billion Microsoft AI cloud contract and a rapid shift from bitcoin mining to GPU-powered cloud services. Analyst targets remain split amid concerns over execution, competition, and the durability of AI and mining revenues.