IREN Stock Today (11/24/2025): Microsoft AI Cloud Deal Drives Double-Digit Rebound in High-Voltage Growth Name

IREN Limited (NASDAQ: IREN) – the Bitcoin miner turned AI data‑center powerhouse – is back in rally mode on Monday, November 24, 2025, with the stock jumping roughly 10% intraday as investors rotate back into high‑beta AI infrastructure plays.

As of late morning U.S. trading, IREN shares are changing hands around $46–47, up about 9–10% from Friday’s close near $42.26, on volume well above 15 million shares. ^[1] That move trims some of the damage from a sharp November pullback: the stock is still down more than 30% from its early‑month high near $77, but remains up more than 300% over the past year, vastly outpacing Bitcoin, the S&P 500 and the broader AI sector. ^[2]

Below is a deep dive into what’s driving IREN stock today – and what traders and longer‑term investors are watching next.

IREN stock price today: rebound after a brutal mid‑November reset

Monday’s surge comes after a stretch of heavy selling that saw IREN fall from an all‑time high of $76.87 on November 5 to the low $40s by November 21 – a drawdown of roughly 36% in less than three weeks. ^[3]

Key near‑term numbers for November 24, 2025:

Intraday price: ~$46.35 (real‑time quote) ^[4]
Day’s range: roughly $42.92–$46.83 ^[5]
Volume: ~15.8 million shares (vs. ~15.8 million average daily volume over the last month) ^[6]
52‑week range:$5.13 – $76.87 ^[7]

Technical services note that IREN now trades well above its rising 200‑day moving average but still below its 50‑day average, with a 14‑day RSI in the mid‑30s – a “neutral to slightly oversold” reading that often accompanies violent swings in high‑beta names. ^[8]

In other words, IREN is behaving like what it is: a hyper‑volatile proxy on two crowded trades – AI infrastructure and Bitcoin – where sentiment can flip quickly.

From Bitcoin miner to AI cloud and data‑center heavyweight

IREN started life as Iris Energy in 2018, building renewable‑powered Bitcoin mining facilities in North America. ^[9] When Bitcoin economics deteriorated after the April 2024 halving, the stock collapsed to just above $5. Management responded by accelerating a pivot into broader high‑performance compute (HPC) and AI cloud services, then rebranded as IREN Limited in November 2024 to reflect the new focus. ^[10]

That pivot leveraged a key asset few pure‑play AI startups have: power.

According to the company, IREN now controls: ^[11]

2,910 MW of grid‑connected power across more than 2,000 acres in the U.S. and Canada
810 MW of operating data centers, 2,100 MW under construction and >1,000 MW in development
5 large campuses across Texas (Childress, Sweetwater) and British Columbia (Prince George, Mackenzie, Canal Flats)
Facilities powered by 100% renewable energy (directly or via RECs)

At the same time, IREN has remained one of the world’s largest Bitcoin miners, reaching 50 EH/s of self‑mining capacity and mining 579 BTC in April 2025, with sector research highlighting its nearly 100% renewable energy mix and outsized share‑price gains vs. peers. ^[12]

That dual engine – Bitcoin cash flow plus AI/HPC growth – is central to how the market values IREN today.

The Microsoft AI cloud megadeal that changed everything

The single biggest catalyst behind IREN’s 2025 rally is its blockbuster agreement with Microsoft.

On November 3, 2025, IREN announced a five‑year GPU cloud services contract with Microsoft worth approximately $9.7 billion. ^[13]

Key terms from company releases and analyst coverage: ^[14]

IREN will deploy around 76,700 NVIDIA GB300 GPUs at its 750 MW Childress, Texas campus.
Capacity will be rolled out across four liquid‑cooled data centers (Horizon 1–4) totaling 200 MW of IT load.
The contract is expected to generate roughly $1.94 billion in annualized run‑rate revenue, at targeted EBITDA margins around 85%.
Microsoft will make a 20% upfront prepayment – close to $1.9 billion – helping fund the deployment.
IREN will purchase the GPUs and related hardware from Dell Technologies for approximately $5.8 billion.

In its Q1 FY26 earnings release on November 6, IREN framed the deal as the cornerstone of an even more ambitious roadmap: management is now targeting $3.4 billion in AI Cloud annualized run‑rate revenue by the end of 2026, scaling to about 140,000 GPUs across its campuses. ^[15]

These targets are forward‑looking and not guaranteed, but they illustrate why the market has begun to view IREN less as a cyclical Bitcoin miner and more as a leveraged play on the global shortage of AI compute and power.

Q1 FY26: record revenue and profits underscore the pivot

The quarter ended September 30, 2025 was IREN’s first set of results reported after the Microsoft announcement – and it was a blowout by most GAAP and non‑GAAP metrics. ^[16]

Headline numbers:

Revenue:$240.3 million, up 355% year‑over‑year (vs. $52.8 million in Q1 FY25)
Net income:$384.6 million, versus a $51.7 million loss a year earlier
EBITDA:$662.7 million (boosted by unrealized gains on derivative hedges tied to convertible notes)
Adjusted EBITDA:$91.7 million, up more than 35x from $2.5 million a year ago

Management highlighted two growth pillars:

Bitcoin mining, where IREN remains one of the lowest‑cost producers globally; and
AI Cloud Services, where the company has signed multi‑year contracts with customers such as Together AI, Fluidstack and Fireworks AI, targeting > $500 million in AI Cloud ARR by the end of Q1 2026 from a 23,000‑GPU fleet. ^[17]

The balance sheet has also been re‑tooled for large‑scale capex:

Cash & equivalents: about $1.8 billion as of October 31, 2025, including proceeds from an oversubscribed $1.0 billion zero‑coupon convertible notes offering and additional GPU financing. ^[18]
Leverage & liquidity: recent data show a debt‑to‑equity ratio of ~0.34 and current and quick ratios around 5.5, indicating strong near‑term liquidity despite big capital needs. ^[19]

For bulls, these numbers support the case that IREN can fund a sizable portion of its growth without immediate equity dilution. For bears, they highlight just how dependent the story is on flawless execution of multi‑billion‑dollar build‑outs.

Power and location: IREN’s strategic advantage in an energy‑constrained AI world

Multiple research and commentary pieces emphasize that IREN’s real edge isn’t just GPUs – it’s power.

The company’s own materials and independent analysis point to: ^[20]

2.9 GW of secured, largely renewable power, with a roadmap to 5+ GW by 2027
Grid‑connected sites in Texas and British Columbia, regions with relatively favorable power economics and long‑term development pipelines
Purpose‑built, high‑density, liquid‑cooled data centers designed specifically for AI training workloads

A widely cited AI‑infrastructure note from 24/7 Wall St. points to an estimated 65 GW shortfall in U.S. data‑center power over the coming years, arguing that hyperscalers like Microsoft are “short on watts, not money.” ^[21] In that context, IREN’s “shovel‑ready” megawatts – especially in Texas – are viewed as strategic, not just opportunistic.

Sector research from 21Shares likewise flags IREN as part of a broader trend: Bitcoin miners evolving into power‑plus‑compute utilities. It notes that by late October, IREN shares were up over 500% year‑to‑date, outperforming Bitcoin itself, as investors rewarded miners that secured cheap, renewable power and diversified into AI. ^[22]

What Wall Street is saying about IREN stock

Analyst sentiment on IREN is mixed but skewed positive, with a wide dispersion in price targets that reflects both the upside and the execution risk.

MarketBeat data, updated November 24, show: ^[23]

13 Buy, 3 Hold and 3 Sell ratings
A “Moderate Buy” consensus
An average price target of about $70.43 – roughly 50% above where the stock is trading today

At the same time, a MarketBeat alert highlights a fresh JPMorgan report that raised its price target from $28 to $39 but kept an “Underweight” rating, suggesting about 16–17% downside relative to recent prices and warning that the stock already prices in near‑perfect execution. ^[24]

Data compiled by Quiver Quantitative paint a similar picture: ^[25]

At least 10 firms have issued targets in the last six months.
8 rate IREN a Buy, while 2 rate it Sell.
The median target is $76.50, above the MarketBeat consensus.
Recent targets include:
- $80 from Citizens
- $70 from Canaccord Genuity
- $86 from Macquarie
- $75 from BTIG
- $56 (Sell) from H.C. Wainwright
- $24 (Underweight) from JPMorgan

An Investing.com note on November 4 underscored this split: H.C. Wainwright reiterated a Sell rating and $45 target even after the Microsoft announcement, arguing that IREN’s valuation already embedded aggressive assumptions, and pointing to financing and GPU‑procurement risks despite a healthy balance sheet. ^[26]

Sentiment, insiders and “smart money” flows

Beyond formal research reports, IREN is heavily debated across social and professional trading platforms.

Quiver Quantitative’s X‑chatter summary from November 20 highlights three themes: ^[27]

AI excitement: Many posts focus on IREN’s “massive GPU cloud contract” and describe the pivot from mining to AI cloud as a bold move into a high‑growth sector.
Volatility and short‑seller chatter: Traders note sharp drops in the share price and speculate about short interest and profit‑taking after the Microsoft news.
Long‑term optimism: Supporters point to IREN’s unique power portfolio and potential GPU scaling as reasons to stay bullish despite swings.

On the ownership side: ^[28]

Insiders: Co‑CEOs Daniel John Roberts and William Gregory Roberts each sold 1,000,000 shares around $33 in September, trimming but not eliminating large stakes.
Institutional investors: 243 institutions have increased positions in recent quarters, while 139 have reduced; firms like D.E. Shaw, Wells Fargo and Two Sigma have notably added exposure.
Members of U.S. Congress have also dipped in, with at least one representative reporting multiple IREN purchases in the past six months.

For some investors, insider sales at lower prices are a warning sign; for others, the breadth of institutional interest offsets that concern.

Volatility in context: AI, Bitcoin and valuation

At today’s mid‑$40s price, recent data services peg IREN’s: ^[29]

Market cap: roughly $12 billion
Trailing EPS: between $1.37–1.99 depending on methodology
P/E ratio: high‑20s to low‑30s – a premium to the market, but below many AI software names
Beta: around 4.2, implying more than four times the volatility of the broader market

24/7 Wall St. recently argued that even at about 50x forward earnings, IREN’s projected ~88% annual EPS growth through 2030 implies a very low PEG ratio (~0.28), framing the stock as undervalued relative to its growth if management delivers on its roadmap. ^[30]

More cautious voices, including a recent Seeking Alpha note, stress that valuation is “highly sensitive to execution risk”: delays, cost overruns, or under‑utilized GPUs could quickly compress earnings and rerate the stock lower. ^[31]

Add in Bitcoin exposure – where miners’ profits can swing wildly with BTC’s price and global hashrate – and it’s clear why IREN’s chart looks more like a roller coaster than a straight line. Sector research shows Bitcoin miners, including IREN, have dramatically outpaced Bitcoin itself in 2025, but with amplified downside during corrections. ^[32]

Key risks investors are watching

Even on a strong up‑day like today, the IREN story comes with substantial risks:

Execution and delivery risk
- IREN must deploy tens of thousands of cutting‑edge GPUs, build and commission multiple liquid‑cooled data centers, and meet tight delivery milestones for Microsoft and other customers. ^[33]
- Microsoft retains termination rights if IREN cannot deliver on time, which would severely damage the equity thesis. ^[34]
Capital intensity and financing
- The Dell GPU and infrastructure order alone is estimated at $5.8 billion, on top of broader capex. ^[35]
- While the company has raised $1.0+ billion in zero‑coupon notes and locked in prepayments, it may still need additional financing – potentially including future equity – if costs or timelines shift. ^[36]
AI demand and hyperscaler capex cycles
- If AI spending slows, or if power and GPU bottlenecks ease faster than expected, long‑dated AI cloud contracts could become harder to sign at today’s pricing. Recent coverage of “neocloud” peers notes sector‑wide valuation resets when investors worry about an AI capex pause. ^[37]
Bitcoin and regulatory exposure
- IREN still runs one of the world’s largest Bitcoin mining operations. A sustained downturn in Bitcoin prices or adverse regulation of mining or data‑center energy use would hit cash flows. ^[38]
Stock‑price volatility
- With a 52‑week range from about $5 to nearly $77, a beta above 4, and daily moves of ±10% not uncommon, position sizing and risk management are critical considerations for traders and long‑term shareholders alike. ^[39]

What today’s move in IREN stock may be signaling

So how should today’s bounce in IREN be read?

Putting the pieces together:

Fundamentals: Q1 FY26 showed genuine operating momentum, with triple‑digit revenue growth and strong adjusted EBITDA from a mix of Bitcoin mining and early AI cloud revenue. ^[40]
Story: The $9.7 billion Microsoft deal and 2.9 GW power portfolio position IREN as a key player in solving AI’s power and compute shortages – a narrative many investors believe has multi‑year legs. ^[41]
Sentiment: After a roughly 36% slide from euphoric post‑deal highs, Monday’s rebound suggests sellers may be tiring and fast‑money traders are again willing to buy dips in high‑beta AI names. ^[42]
Valuation: With the stock in the mid‑$40s and most published targets in the $70–$80+ range, the Street still sees upside – but also flags a real risk that execution stumbles could erase much of that potential. ^[43]

Key catalysts to watch after November 24, 2025

Investors following IREN from here are likely to focus on:

Monthly operating updates on Bitcoin production and AI cloud utilization
Construction milestones at the Childress and British Columbia campuses (especially liquid‑cooled data‑hall commissioning) ^[44]
Any new hyperscale or AI‑native customer wins beyond Microsoft
The next earnings report, currently expected around February 18, 2026, which should provide more detail on AI cloud ramp and capex cadence ^[45]
Changes in analyst ratings and price targets as more data comes in on contract execution and margin profile

Bottom line

On November 24, 2025, IREN stock is once again reminding the market that it trades like a levered call option on AI compute and Bitcoin.

The Microsoft AI cloud contract, record Q1 FY26 results, and a massive renewable‑powered data‑center footprint have turned IREN into one of 2025’s most talked‑about AI infrastructure names. ^[46]
At the same time, insider sales, heavy capital needs, and wide‑ranging analyst views underline that this is not a low‑risk story.

For traders and investors tracking IREN stock today, the message from the tape is clear: the market is once again willing to pay up for IREN’s AI and power optionality – but only so long as management continues to hit aggressive milestones in a sector where the line between structural growth and hype can move quickly.

Disclaimer: This article is for informational and educational purposes only and does not constitute investment, tax or legal advice. Always do your own research or consult a qualified financial advisor before making investment decisions.

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