New York, Jan 14, 2026, 11:00 EST — Regular session
- IREN shares dropped roughly 1.7% in morning Nasdaq trading, underperforming other crypto-related miners.
- H.C. Wainwright raised its rating on IREN and bumped the price target up to $80.
- Attention remains fixed on executing IREN’s Microsoft AI cloud contract and addressing its funding requirements.
Shares of IREN Limited dropped 1.7% to $52.08 in early trading Wednesday, despite an upgrade to Buy from H.C. Wainwright. Analyst Mike Colonnese set a price target of $80, according to reports. So far, the stock has oscillated between $50.89 and $54.11, with roughly 14.8 million shares changing hands by 11:00 a.m. EST. 1
The mixed reaction is significant because IREN straddles two hot trades: bitcoin-linked stocks and the surge in power-hungry data centers for artificial intelligence. Investors have shown a sharp appetite for firms with solid AI infrastructure strategies—but they’re equally swift to penalize signs of rising funding costs.
Bitcoin jumped 3.6% to roughly $96,735. Several U.S.-listed miners also moved higher: Marathon Digital edged up 1.3%, Riot Platforms added 2.8%, and CleanSpark surged 5.5%.
IREN’s long-term bull case hinges on its deal with Microsoft to supply GPU cloud services — essentially rented clusters of graphics processing units designed for training and running AI models. Co-founder and co-CEO Daniel Roberts touted the agreement as proof of the “strength and scalability of our vertically integrated AI Cloud platform.” Meanwhile, Microsoft executive Jonathan Tinter described IREN as a “strategic partner.”
A recent filing outlined plans for dedicated NVIDIA GB300 GPU capacity at IREN’s “Horizon” facilities in Childress, Texas, to be rolled out in phases throughout 2026. This buildout accounts for roughly 200 megawatts of IT load, indicating the power allocated for server operation. The total contract is valued at around $9.7 billion through 2031. Additionally, IREN has committed to purchasing GPUs and related gear from Dell, with a price tag near $5.8 billion and deliveries set to start in multiple tranches from March 2026. The filing also noted termination rights if the agreed delivery timelines aren’t met.
The buildout demands heavy capital, prompting IREN to tap the markets for cash. In an SEC filing, the company revealed it wrapped up a $2.3 billion convertible notes offering last December. At the same time, it carried out an equity placement to buy back some older convertibles. IREN repurchased approximately $544.3 million in principal of those older notes, financing the move with a registered direct placement of about 39.7 million ordinary shares.
In early January, IREN submitted a registration statement for 17.5 million ordinary shares, earmarked for future issuance under its 2025 incentive plan. These filings usually relate to employee awards and don’t signal an immediate sale. Still, they can heighten investor worries about dilution, especially when the stock is volatile. 2
There’s a downside risk as well. In an earlier investor presentation, IREN highlighted bitcoin price volatility, challenges in securing capital, and execution risks tied to its growth plans as potential threats to its performance. The stock often behaves like a high-beta play on market sentiment.
IREN’s upcoming earnings report is the next key event to watch. Zacks projects the company will release its quarterly results around Feb. 11, following its usual schedule. 3
