New York time check: It is 2:07 PM ET on Friday, December 26, 2025.
With U.S. markets open and trading in a typically thin post-holiday session, IREN Limited (NASDAQ: IREN) is back in focus as investors weigh its rapid pivot from bitcoin mining toward AI infrastructure, plus a wave of recent financing moves tied to its hyperscaler ambitions. [1]
IREN stock price today: volatile midday trade after Christmas
As of early afternoon in New York, IREN is trading around $41, after swinging sharply intraday. The latest tape shows:
- Price: about $41.16
- Day range: roughly $39.53 to $42.80
- Volume: about 14.4 million shares
That kind of range is notable even for IREN, and it’s happening on a day when broader market participation is often lighter. Market coverage has highlighted thin post-holiday trading on December 26 historically, which can amplify moves in higher-volatility names. [2]
Meanwhile, the broader tape is relatively calm:
- SPY is essentially flat, and QQQ is modestly higher.
- In the AI complex, Nvidia is up while Microsoft is slightly down, an example of the mixed but still AI-sensitive sentiment influencing “GPU infrastructure” plays like IREN.
Why IREN matters right now: the “bitcoin miner to AI cloud” trade is still the core narrative
IREN is increasingly valued less like a pure-play crypto miner and more like a power-and-data-center platform trying to monetize the AI compute shortage.
On the company side, IREN markets itself as a provider of renewable-powered, high-performance compute data centers, with a large secured power portfolio across North America. [3]
The market side of the story is simple: hyperscalers and AI-native firms have been scrambling for capacity, and IREN has become one of the more aggressive “neocloud” capacity builders—an approach that can generate outsized upside if execution is strong, but can punish shareholders quickly if buildouts slip or financing costs rise.
The headline catalyst: IREN’s $9.7B AI Cloud contract with Microsoft
The single biggest recent driver of IREN coverage is its multi-year agreement with Microsoft.
What the deal says
IREN announced it secured a ~$9.7 billion, five-year AI Cloud contract with Microsoft that includes a 20% prepayment and will provide Microsoft access to Nvidia GB300 GPUs. [4]
IREN also disclosed a related agreement with Dell Technologies to purchase GPUs and equipment (about $5.8 billion) to support the rollout. [5]
Dell, in its own announcement, described the collaboration as supporting Microsoft across four data centers in Childress, Texas, underscoring that this is not just a headline—it’s a multi-site infrastructure deployment. [6]
Timeline and buildout specifics investors are tracking
According to IREN’s disclosures, deployments are expected to occur in phases through 2026 at IREN’s Childress, Texas campus, alongside new liquid-cooled data centers designed for dense AI workloads. [7]
And crucially, the Reuters reporting added an “execution clause” angle: the agreement can be terminated if IREN fails to meet delivery schedules, which is why the stock can trade violently around construction and procurement updates. [8]
What experts and executives are saying
- Microsoft’s CFO has publicly acknowledged that AI capacity constraints may persist into mid-2026, which supports the strategic rationale for capacity reservation deals like this one. [9]
- Dell framed the moment as structural demand, saying, “The demand for AI compute is accelerating.” [10]
- IREN leadership has positioned the deal as validation of its platform and scaling plan. In its earnings commentary, co-CEO Daniel Roberts said the company is “delivering record results” while making “meaningful progress” on the AI Cloud expansion. [11]
Financing overhang and opportunity: new convertibles + equity raise (and why it matters)
Big AI infrastructure plans require big capital. In December, IREN executed a major financing and balance-sheet reshuffle that investors need to understand because it directly affects dilution risk, interest expense, and future flexibility.
The December package in plain English
IREN announced the closing of an offering totaling $2.3 billion of convertible senior notes (including a fully exercised greenshoe), split into:
- 0.25% convertibles due 2032
- 1.00% convertibles due 2033 [12]
At the same time, it completed a registered direct placement of approximately 39.7 million ordinary shares priced at $41.12, with proceeds used to repurchase certain existing convertible notes. [13]
Key investor takeaways from the filings
- The new notes are senior unsecured obligations, with interest payable starting June 1, 2026, and maturities in 2032 and 2033. [14]
- The initial conversion price cited was about $51.40 per share (a ~25% premium to the reference price at the time). [15]
- IREN also used capped call transactions (initial cap price referenced around $82.24) designed to reduce dilution up to a cap—helpful, but not a full shield if shares trade above the cap. [16]
- The company stated it expects remaining proceeds to support general corporate purposes and working capital, which in practice can include AI buildout spending. [17]
This financing is why IREN can be a “story stock” and still trade heavy: when a company is funding rapid expansion, the market continuously reprices execution probability and the cost of capital.
Earnings and operating momentum: record results, but still early AI revenue mix
IREN’s most recent reported quarter (Q1 FY26 for the period ended September 30, 2025) showed record revenue and large net income—though the company noted that net income included unrealized gains related to financial instruments connected to convertibles. [18]
What the company highlighted
- Revenue:$240.3 million (up sharply year over year) [19]
- Net income:$384.6 million (company flagged unrealized-gain impacts) [20]
- AI Cloud scaling plan: targeting $3.4 billion in AI Cloud annualized run-rate revenue (ARR) by end of 2026, tied to expansion toward 140k GPUs [21]
- Customer diversification: the company cited additional multi-year contracts including Together AI, Fluidstack, and Fireworks AI, aiming to reach >$500m AI Cloud ARR by end of Q1 2026 [22]
One reason the market debates IREN so intensely is that—even with AI momentum—crypto-linked revenue has still mattered. A company disclosure summary of Q1 FY26 shows bitcoin mining revenue remained the dominant line item, with AI Cloud services still smaller (though strategically important). [23]
Analyst forecasts for IREN stock: price targets cluster around ~low-$80s average (with a wide range)
Because IREN is a high-volatility, execution-heavy name, analyst targets span a wide range—but the consensus direction has been constructive.
- TipRanks shows an average price target around $79.91, with forecasts ranging from $39 to $136, and a “Moderate Buy” consensus (mix of buy/hold/sell ratings). [24]
- Investing.com similarly shows an average target around 83, also with a $136 high and $39 low among a similar analyst count. [25]
- TradingView reflects the same general consensus range (avg ~$83, high $136, low $39). [26]
The key for investors: these targets are not “forecasts” in a deterministic sense—they’re essentially scenario-weighted views about (1) buildout timing, (2) GPU availability and pricing, (3) utilization/contracting velocity, and (4) capital structure.
What the latest analyses are emphasizing: upside is real, but so is execution risk
Recent commentary has converged on a shared point: IREN is trying to capture an unusually attractive AI infrastructure window—but the path requires flawless delivery.
- A Seeking Alpha analysis published Friday argued the “AI Cloud moment” is real, while flagging risks around cash needs and valuation during the buildout phase. [27]
- Nasdaq.com commentary today discussed expanding AI client breadth and framed the 140,000 GPU plan as a major driver of potential ARR scale. [28]
- Barron’s previously reported that J.P. Morgan analysts praised management’s AI investments and organizational buildout (sales and infrastructure) as IREN pushed deeper into AI services. [29]
A volatility accelerant investors shouldn’t ignore: short interest remains elevated
IREN is widely traded and heavily debated, and short positioning is meaningful:
MarketBeat reports that as of December 15, 2025, IREN had 50.79 million shares sold short—about 18.87% of the public float—with a short interest ratio around 1.3 days. [30]
High short interest can cut both ways:
- It can increase downside pressure if negative catalysts hit.
- It can also contribute to sharp upside moves if bullish news forces short covering—especially in thin liquidity periods like the last week of December. [31]
Crypto cross-currents: Bitcoin is down today, and miners still trade the tape
Even as IREN pivots toward AI, investors still watch crypto closely because bitcoin price can influence sentiment around mining-linked names and power-cost narratives.
Bitcoin is currently around $87,274, down about 1% on the day.
What to know before the closing bell today, and before the next session
Because it’s 2:07 PM ET and the market is still open, today’s close can matter—especially in a name as sentiment-driven as IREN.
Here’s what investors typically monitor into the close and into the next U.S. trading session (Monday, Dec. 29, 2025):
- Liquidity risk into year-end
Post-holiday sessions often see lower volume, which can exaggerate intraday swings and stops. [32] - Any incremental Microsoft/Dell deployment detail
The market is extremely sensitive to signals about timing, deliveries, and commissioning at Childress through 2026. [33] - Capital structure headlines
With large convertibles and recent equity issuance, investors watch for updates on proceeds use, hedging impacts, and any further repurchase activity. [34] - Earnings date expectations (still not perfectly aligned across calendars)
Market calendars show estimated earnings timing in mid-February 2026, but the company may change or confirm later. Nasdaq’s earnings calendar algorithm points to Feb. 11, 2026. [35]
TipRanks shows a later mid-February date in its calendar view. [36] - AI complex sentiment and Nvidia tape
Since IREN is increasingly treated as “GPU infrastructure leverage,” big moves in Nvidia and hyperscaler AI spending sentiment can spill over quickly.
Further reading (primary sources and major coverage)
- IREN press release: $9.7B AI Cloud contract with Microsoft [37]
- IREN press release: Q1 FY26 results and AI Cloud roadmap [38]
- IREN press release: $2.3B convertibles closing + equity placement + capped calls [39]
- SEC filing exhibit: convertible notes terms (coupons, maturity, conversion, cap calls) [40]
- Reuters coverage of the Microsoft deal and AI capacity context [41]
- Dell announcement on the IREN–Microsoft collaboration [42]
- TipRanks consensus targets and ratings snapshot [43]
References
1. www.barrons.com, 2. www.marketwatch.com, 3. iren.com, 4. www.globenewswire.com, 5. www.globenewswire.com, 6. www.dell.com, 7. www.globenewswire.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.dell.com, 11. www.globenewswire.com, 12. www.globenewswire.com, 13. www.globenewswire.com, 14. www.sec.gov, 15. www.sec.gov, 16. www.globenewswire.com, 17. www.globenewswire.com, 18. www.globenewswire.com, 19. www.globenewswire.com, 20. www.globenewswire.com, 21. www.globenewswire.com, 22. www.globenewswire.com, 23. irisenergy.gcs-web.com, 24. www.tipranks.com, 25. www.investing.com, 26. www.tradingview.com, 27. seekingalpha.com, 28. www.nasdaq.com, 29. www.barrons.com, 30. www.marketbeat.com, 31. www.marketwatch.com, 32. www.marketwatch.com, 33. www.globenewswire.com, 34. www.globenewswire.com, 35. www.nasdaq.com, 36. www.tipranks.com, 37. www.globenewswire.com, 38. www.globenewswire.com, 39. www.globenewswire.com, 40. www.sec.gov, 41. www.reuters.com, 42. www.dell.com, 43. www.tipranks.com
