New York, Jan 17, 2026, 07:20 EST — Market closed.
- IREN closed Friday 11.5% higher at $57.82, on roughly 54 million shares changing hands.
- Mike Colonnese of H.C. Wainwright doubled down on the stock, hiking his price target to $80, according to TipRanks.
- Bitcoin trades through the weekend with attention turning to Tuesday’s reopen and the upcoming earnings report.
Shares of IREN Limited (IREN) surged 11.5% on Friday, closing at $57.82, up $5.97. The stock fluctuated between $51.94 and $58.74 during the session, with about 54 million shares traded.
The Nasdaq-listed bitcoin miner and data-center operator has turned into a high-beta play, frequently moving more sharply than the broader market. Its fortunes hinge on two unpredictable narratives: crypto prices and the scramble for AI computing power. This combination can attract momentum traders — and just as quickly repel them.
U.S. stock markets remain closed over the weekend and for Martin Luther King Jr. Day on Monday. Traders won’t get a chance to see if buyers hold steady until Tuesday. 1
Friday’s rally partly stemmed from a bullish research note gaining traction. H.C. Wainwright’s Mike Colonnese twice raised his rating on IREN to Buy and bumped up the price target to $80, saying “the stage is set for a transformative year,” according to TipRanks. 2
By Friday’s close, that target implied roughly 38% upside. Colonnese also described IREN’s Microsoft deal as “one of the largest AI contracts to date” involving a bitcoin miner and a blue-chip client.
IREN has shifted gears, aiming to move beyond pure crypto mining into AI infrastructure. In November, Microsoft inked a $9.7 billion, five-year deal for access to Nvidia chips hosted at IREN’s Childress, Texas site. Reuters noted that the chip shortage has also boosted “neocloud” players like CoreWeave and Nebius. The contract involves a prepayment and includes a clause allowing termination if IREN fails to meet delivery deadlines, according to the report. 3
GPUs — the chips powering AI model training and deployment — remain the key focus. For IREN, the question is if their build-out will convert into steady, contracted revenue on time, and if they can attract additional big clients.
Bitcoin hovered near $95,271, slipping roughly 0.2% from its previous close. Stocks tied to miners tend to move with crypto prices and financing conditions, which can quickly shift investor mood.
But the setup works both ways. A large AI expansion demands heavy capital, and any slip in deploying gear or hitting customer deadlines can quickly turn the story sour; bitcoin’s volatility only adds more noise.
Earnings loom as the next key event. MarketBeat pegs IREN’s upcoming report for Feb. 11, extrapolating from past schedules. Investors will focus on what’s new with AI cloud deployments and any changes in cash requirements. 4
