New York, May 29, 2026, 12:02 (EDT)
IREN Limited shares dropped in midday action Friday, pulling back after an AI-fueled run. Traders are shifting focus from the big contract figures to whether the company can actually ramp up the capacity it has said it will.
The Nasdaq-listed shares traded down about 1.5% at $63.08. The Invesco QQQ Trust, which tracks the Nasdaq-100, was up about 0.3%. IREN trailed the wider tech market here instead of following it.
Why it matters: IREN is not trading like just a bitcoin miner anymore. The market now sees it as an AI infrastructure name. So power supply, chips, building timelines and contracts with customers are in focus, right alongside crypto prices.
The latest move came Tuesday, when IREN said it will buy Nvidia Blackwell systems from Dell Technologies in a deal worth about $1.6 billion. Reuters said the new systems are planned for IREN’s Childress, Texas, site, with installation set by early 2027. The company is aiming for $4.4 billion in annualized run-rate revenue once the systems are running, up from $3.7 billion.
Dell’s deal is connected to IREN’s five-year, $3.4 billion AI cloud agreement with Nvidia. IREN said the agreement gives Nvidia access to managed GPU cloud services for its internal AI and research work. GPUs, or graphics processing units, are chips used in AI training and inference.
Co-CEO Daniel Roberts is zeroing in on speed. “Time-to-compute is everything,” he said. That’s the interval between getting demand signed and having machines up and running for customers.
The analyst camp is not united on the rally. B. Riley Securities’ Nick Giles bumped his price target up to $88 from $83, noting large AI data-center contracts “have accelerated meaningfully.” Cantor Fitzgerald’s Brett Knoblauch is at $99 now, from $77 before, saying IREN “has a lot of capacity to sell.” TipRanks
Goldman Sachs took a cautious approach, bumping its price target on IREN to $50 from $44 and maintaining a Neutral rating. The bank said it updated its forecasts after the Dell deal and cut projected crypto-mining revenue, as IREN aims to stop bitcoin mining by the end of 2026.
Trading in the space was choppy. CoreWeave, which is also in AI cloud capacity, slipped about 2.0%. Cipher Digital dropped 4.4% and Riot Platforms fell 1.7%, with both bitcoin-focused data center stocks tracking lower. Nvidia edged up.
IREN didn’t see just growth in the third quarter. Revenue dropped to $144.8 million, down from $184.7 million the prior quarter, and it posted a net loss of $247.8 million. The company blamed lower average bitcoin prices as well as the impact of taking old mining hardware offline before GPU installation and billing.
The catch is big. IREN’s $4.4 billion run-rate goal isn’t fully backed by contracts, according to the company. The target also depends on GPUs arriving and getting set up as planned. Delays around equipment, grid access, financing, or customer demand could hit the stock, which has already jumped sharply.
Capital is one part of the equation. Earlier this month, IREN finished a $3.0 billion convertible notes sale. The debt can convert into equity under certain terms. IREN took in around $2.96 billion in net proceeds, earmarked for working capital and general corporate needs.
For now, it’s more about execution than bitcoin. IREN has customers lined up, a chip plan, and power sites. The market wants to see if those turn into revenue before costs, any delays, or dilution eat into the story.
