IREN Stock Today (Nov. 28, 2025): KPMG Appointment, Fund Flows and AI Cloud Momentum

IREN stock — the Nasdaq‑listed shares of IREN Limited (formerly Iris Energy) — spent another volatile session on Friday, November 28, 2025, as investors digested fresh governance news, shifting institutional positions and ongoing hype around the company’s pivot from Bitcoin mining to AI data centers.

IREN stock price today: wide swings, modestly lower close

Based on end‑of‑day data, IREN traded in a broad range between roughly $47.25 and $51.50 on Friday, after opening around $49.55. The stock finished just above $48.00, a fractional decline of about 0.7% versus Wednesday’s $48.45 close, on volume near 16 million shares. ^[1]

Key trading stats for November 28, 2025:

Open: ~$49.55
Intraday high: ~$51.50
Intraday low: ~$47.25
Close: ~$48.09 (approx.)
Volume: ~16 million shares
52‑week range: ~$5.13 – $76.87 ^[2]

Even after a pullback from its recent all‑time high above $76 earlier this month, IREN remains one of 2025’s standout performers, up several hundred percent year‑over‑year as the market has re‑rated the company from a pure Bitcoin miner to a hybrid AI cloud and high‑performance computing (HPC) infrastructure play. ^[3]

Fresh corporate news: IREN appoints KPMG as new auditor

The headline company news today is a governance move:

On November 27, 2025, IREN’s board appointed KPMG LLP as the company’s new independent registered public accounting firm, effective immediately. ^[4]
At the same time, IREN dismissed its prior auditor, Raymond Chabot Grant Thornton LLP (RCGT), which had served since May 2023. ^[5]

According to the company’s Form 8‑K filing and a summary published this morning: ^[6]

There were no disagreements with RCGT on accounting principles, financial disclosure, or audit procedures during the fiscal years ended June 30, 2024 and 2025.
RCGT’s reports did not include adverse opinions or disclaimers, but the June 30, 2024 report carried an explanatory paragraph expressing “significant doubt” about IREN’s ability to continue as a going concern at that time.
During RCGT’s tenure, the only reportable event was a material weakness in internal control over financial reporting, as disclosed in IREN’s FY 2024 Form 20‑F.

The auditor switch is likely to capture investor attention for several reasons:

Signal on maturity and scale
Choosing KPMG — one of the “Big Four” — aligns IREN with the kind of global advisory support typically associated with larger, more complex technology and infrastructure companies.
Lingering memories of the going‑concern flag
The prior going‑concern language and internal‑control weakness from 2024 are still in the background, even though the company’s balance sheet and cash position have improved dramatically since then. ^[7]
Perception of risk management
For a high‑beta name like IREN, any move that suggests tighter governance, cleaner internal controls, or more robust audit processes can influence sentiment at the margin, especially among institutional investors.

Wall Street and quant models weigh in on IREN today

Validea/Nasdaq momentum model: IREN scores 83%

Before the U.S. market opened, Nasdaq published a Validea “guru” report on IREN. Using the Quantitative Momentum Investor model (based on the work of Wesley Gray), IREN earned an 83% score, passing key tests like “twelve minus one momentum,” which screens for strong, consistent intermediate‑term relative performance. Scores above 80% indicate that the strategy has “some interest” in the stock. ^[8]

That aligns with how the tape has looked in recent months: huge rallies, sharp corrections, but a pronounced uptrend since mid‑2025.

Seeking Alpha: “A speculative gem in the AI cloud landscape”

Also today, a new Seeking Alpha article described IREN as “a speculative gem in the AI cloud landscape”, highlighting the company’s transition from Bitcoin mining to vertically integrated AI and data center infrastructure as a key driver of investor enthusiasm. ^[9]

While the full analysis sits behind a paywall, the framing underscores a consensus theme: IREN is no longer being valued solely as a crypto miner — it’s now part of the crowded trade around AI data centers and GPU‑rich cloud infrastructure, with all the upside and execution risk that entails.

Institutional investors reshuffle their IREN exposure

Friday’s news flow also included several 13F‑based updates on institutional positions, all published by MarketBeat today. ^[10]

Advantage Alpha trims its stake

Advantage Alpha Capital Partners LP disclosed that it reduced its IREN holdings by about 19% in Q2, selling just over 8,000 shares and ending the quarter with roughly 34,000 shares worth about $0.5 million. ^[11]

The firm remains a holder, but the trim illustrates how some hedge funds are taking profits after IREN’s explosive run.

Corsair Capital increases exposure

In contrast, Corsair Capital Management L.P. reported that it boosted its IREN position by 13.3% in Q2 to about 127,600 shares, roughly 0.4% of its total portfolio, with an estimated value near $1.9 million. ^[12]

Corsair’s move signals continued institutional conviction in IREN’s long‑term story, even as volatility has shaken out shorter‑term players.

Overall fund and insider picture

Across these filings and other recent disclosures:

Institutional and hedge fund ownership of IREN is around 41% of the float. ^[13]
Insiders — including co‑CEO Daniel John Roberts — retain meaningful stakes, but both Roberts brothers have sold 1 million shares each in recent months at around $33 per share, crystallizing large gains while still holding multi‑million‑share positions. ^[14]
Congressional activity has tilted positive: QuiverQuant notes that Representative Cleo Fields has purchased IREN three times in the past six months, with no reported sales. ^[15]

Put together, today’s fund‑flow headlines reinforce a mixed but constructive institutional backdrop: some profit‑taking and risk management, but also continued accumulation by long‑only and hedge‑fund investors.

Analyst sentiment: bullish targets but split views on risk

Different data providers show slightly different aggregates, but the broad picture is similar:

StockAnalysis shows 11 analysts with an overall “Buy” consensus and an average 12‑month price target around $72–73, implying roughly 50% upside from today’s ~$48 share price. ^[16]
MarketBeat and QuiverQuant collect a wider set of ratings and cite a “Moderate Buy” consensus with average price targets clustered around $70–80, and a median target near $76.50. ^[17]

Recent moves include: ^[18]

J.P. Morgan: “Underweight” with a $39 target, citing valuation and risk.
Citizens JMP: “Market Outperform” with an $80 target.
Canaccord Genuity: “Buy” with a $70 target after the Microsoft deal.
HC Wainwright & Co.: “Sell” with a $56 target, flagging execution risk and prior valuation froth. ^[19]
Cantor Fitzgerald and Macquarie: bullish targets ranging from the mid‑$80s up to well over $100, reflecting very optimistic AI growth paths. ^[20]

In other words, Wall Street is enthusiastic but far from unanimous. The spread between the most bearish and most bullish targets is enormous, which is exactly what you’d expect for a stock priced on aggressive AI growth assumptions and a still‑volatile crypto backbone.

The Microsoft GPU cloud mega‑deal still anchors the bull case

Even though the Microsoft announcement came earlier this month, it continues to shape how investors interpret every tick in IREN today.

On November 3, 2025, IREN announced a multi‑year GPU cloud services contract with Microsoft valued at about $9.7 billion over five years. ^[21]

Key terms, per company and media summaries:

IREN will provide Microsoft with access to NVIDIA GB300 GPUs, deployed across its large North American power footprint. ^[22]
Microsoft is prepaying about 20% of the contract value. ^[23]
IREN is partnering with Dell Technologies to purchase GPUs and related equipment for roughly $5.8 billion, to be deployed in phases during 2026 at its 750MW Childress, Texas campus, including new liquid‑cooled data centers supporting ~200MW of critical IT load. ^[24]
The deal is being funded via a mix of existing cash, customer prepayments, operating cash flow and recently issued 0% convertible notes. ^[25]

This contract is central to many bullish models that envision IREN’s AI Cloud annual recurring revenue (ARR) growing several‑fold by FY 2026. Recent Seeking Alpha research, for example, argues that total AI cloud ARR could reach around $3.4 billion by year‑end 2026 if Microsoft and other deals ramp as planned. ^[26]

But the same leverage that drives the upside also amplifies execution risk:

Massive capex commitments,
Dependence on hyperscaler demand, and
Sensitivity to GPU supply, power costs, and regulatory changes.

That tension between transformational upside and operational risk is exactly what shows up in today’s split analyst opinions and volatile price action.

Earnings backdrop: record profitability, but quality of earnings matters

Earlier this month, IREN reported Q1 FY26 results (quarter ended September 30, 2025). ^[27]

Highlights:

Revenue: $240.3 million (up sharply from $187.3 million in the prior quarter), driven primarily by Bitcoin mining, with a small but growing AI cloud contribution.
Bitcoin mining revenue: $232.9 million.
AI cloud services revenue: $7.3 million (still early but ramping).
Net income: $384.6 million, with net margin above 150%, boosted heavily by unrealized gains on financial instruments tied to digital assets and hedging.
Adjusted EBITDA: $91.7 million, representing a 38% adjusted EBITDA margin once non‑cash and one‑off items are stripped out.

A separate 24/7 Wall St. recap described the quarter as “record profitability”, while noting that some investors were disappointed on revenue versus the most optimistic expectations, which contributed to the stock’s sharp swings around the report. ^[28]

For today’s trading, this backdrop matters because:

It confirms that the legacy Bitcoin business is still the primary revenue driver, even as AI cloud wins the headlines.
It highlights how much of IREN’s bottom line is currently tied to mark‑to‑market gains and non‑operating items, which can reverse as quickly as they appear.

Bitcoin near $91,000 keeps crypto‑linked names in play

Although IREN is increasingly branded as an AI infrastructure company, its fortunes remain closely linked to the Bitcoin cycle.

On November 28, 2025:

Bitcoin traded roughly between $90,000 and $93,000, closing around $90,700, a modest 0.7% daily decline after a strong Thanksgiving‑week rebound. ^[29]
Coindesk reports that BTC had briefly rallied back toward $93,000 earlier in the U.S. session and is still up roughly 15% from last week’s panic low near $80,000, amid rising expectations of a Federal Reserve rate cut in early December. ^[30]

Crypto‑mining equities like Riot Platforms and CleanSpark were among today’s notable movers, generally benefiting from the improved Bitcoin backdrop. ^[31]

Even though IREN did not spike as dramatically as some peers today, its intraday swings closely tracked Bitcoin’s moves, and the MarketBeat piece listing IREN among the “Bitcoin stocks worth watching” underscores that many traders still view it first and foremost as a high‑beta BTC proxy — just one with an AI call option layered on top. ^[32]

How today’s news fits into the bigger IREN story

Bringing all of today’s developments together:

Stock action
- IREN’s share price drifted lower but held around the mid‑$40s, consolidating after a recent surge and still dramatically above its early‑2025 levels. ^[33]
Governance upgrade
- The appointment of KPMG as auditor and the clean hand‑off from RCGT suggest management is trying to de‑risk the governance profile of a business that has grown extremely quickly and previously drew a going‑concern flag and internal‑control concerns. ^[34]
Institutional reshuffling
- Some funds (like Advantage Alpha) are locking in gains, while others (like Corsair Capital and various hedge funds highlighted by QuiverQuant) are adding exposure, reflecting a market that is actively repricingIREN rather than ignoring it. ^[35]
Narrative reinforcement
- Today’s Validea and Seeking Alpha coverage reinforces the idea that IREN is a momentum‑driven, speculative AI cloud name, not just another crypto miner. ^[36]
Macro tailwind with volatility attached
- Bitcoin’s new trading range around $90k+ and broader expectations of near‑term Fed easing keep the risk‑asset and crypto narrative supportive, but also fragile — something that matters deeply for a company whose historical cash flows still come mostly from Bitcoin mining. ^[37]

Key takeaways for IREN stock on November 28, 2025

For readers following IREN into the weekend, here are the main points from today:

Price & volatility: IREN ended the Black Friday session modestly lower around the $48 mark after swinging more than 8% peak‑to‑trough intraday. ^[38]
Governance: A Big Four auditor (KPMG) is stepping in, while the company acknowledges its past going‑concern language and internal‑control weakness have now been formally handed off to a new firm. ^[39]
Ownership & flows: Mixed but active institutional positioning, insider sales earlier in the year, and even congressional buying show IREN firmly on the radar of sophisticated investors. ^[40]
Growth story: The $9.7 billion Microsoft GPU cloud deal and record Q1 FY26 results continue to anchor the growth narrative, but they also magnify execution risk and financing complexity. ^[41]
Sentiment: Quant models, retail sentiment trackers, and many sell‑side analysts remain bullish, but with enough skeptics and “Sell” ratings to keep the stock highly reactive to new information. ^[42]

Disclaimer: This article is for informational and news purposes only and does not constitute financial advice, investment recommendation, or an offer to buy or sell any security. Always do your own research or consult a licensed financial advisor before making investment decisions.

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