Bernstein trims IREN’s price target to $100 from $125 and maintains outperform, citing the shift from Bitcoin mining to AI cloud infrastructure with 150,000 GPUs enabling about $3.7B in annualized revenue, roughly half from a five-year Microsoft deal.Abstract: Bernstein cut IREN’s target to $100 from $125 while keeping an outperform rating, citing the company’s pivot from Bitcoin mining to AI cloud infrastructure. It notes 150,000 contracted GPUs could support approximately $3.7 billion in annualized revenue once fully deployed, with about half of that tied to a five-year Microsoft deal.

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2026-04-28 11:25:55

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Bernstein cut its target on IREN to $100 from $125 per share and kept an outperform rating as it backed the company’s pivot from Bitcoin mining to AI cloud infrastructure. Bernstein said IREN has contracted 150,000 GPUs supporting annualized revenue of $3.7 billion once fully deployed, with roughly half tied to a five-year Microsoft deal.

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Bernstein Cuts IREN Target, Backs Pivot From Bitcoin Mining to AI

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