New York, Jan 14, 2026, 18:04 EST — After-hours
- IREN shares slipped roughly 0.2% post-close, barely recovering after a volatile session.
- H.C. Wainwright raised IREN to Buy and bumped up its price target to $80, according to TipRanks.
- Traders eye fresh details on Microsoft’s AI expansion, while IREN’s next earnings update is due in February.
Shares of IREN Ltd (NASDAQ:IREN) slipped roughly 0.2% to $52.88 in after-hours trading Wednesday, following intraday moves between $50.89 and $54.11.
The modest price shift hides the real reason the stock has caught traders’ attention: a bullish rating upgrade from H.C. Wainwright and growing debate over IREN’s ability to pull off an expensive build-out linked to its Microsoft contract.
This is crucial as the coming weeks will put the spotlight on the company’s funding strategy and the rollout timeline for its graphics processing units, or GPUs — the chips powering AI model training and operation.
H.C. Wainwright’s Mike Colonnese boosted IREN’s rating from Sell to Buy and lifted his price target to $80 from $56, according to TipRanks. The price target reflects where the analyst expects the stock to trade within the next year. TipRanks/TheFly
Bitcoin gained roughly 1.5% in late trading. Shares of crypto-related companies Marathon Digital and Riot Platforms also climbed. On the downside, Microsoft sank around 2.4%, and Nvidia slipped about 1.5%, dragging down segments of the broader AI sector.
IREN’s long-term play hinges on a $9.7 billion, five-year contract with Microsoft, Reuters reported, which includes access to Nvidia’s cutting-edge chips. These chips are set to be rolled out in phases through 2026 at IREN’s Childress, Texas campus. The deal also allows Microsoft to cancel the contract if IREN fails to meet delivery deadlines, according to Reuters. Reuters
At the contract announcement, IREN co-founder and co-CEO Daniel Roberts described it as a “milestone partnership.” Microsoft executive Jonathan Tinter added that the companies were “delivering cutting-edge AI infrastructure” for their clients, per the company’s statement. IREN plans to cover the related capital expenditures using existing cash, customer prepayments, operating cashflows, and additional financing efforts. GlobeNewswire
That downside risk remains. Constructing and running massive data centers costs a lot, chip supply chains can falter, and the timing terms in the Microsoft contract are tight. Any hiccup might mean raising more funds or eating into projected returns.
In the short term, traders are focused on whether Wednesday’s sluggish action sharpens into a clearer trend during the next U.S. session — and if additional brokers join Wainwright in issuing upgrades or warnings. Bitcoin’s swings also influence sentiment around IREN, thanks to its crypto mining ties and the market’s tendency to treat the group as a collective.
Nasdaq’s earnings calendar flags IREN’s report set for Feb. 11 as the next major catalyst. Nasdaq
