Wall Street splits on IREN as bitcoin miner bets big on AI cloud

H.C. Wainwright reiterated a Buy rating on IREN and kept its price target at $90, pointing to the company's growing revenue from AI computing services. IREN began as a bitcoin miner but has been shifting capacity toward renting out its data centers for artificial intelligence workloads, a trend the analyst sees as its main growth driver going forward. Not everyone is convinced the transition is a clean win. A separate analysis published the same day described IREN as a "high-risk high-reward" neocloud play, the term for companies renting out AI computing power, warning that the business model still carries execution risk as the company competes with far larger cloud providers for AI customers. The split take matters because IREN's valuation increasingly depends on how fast it can convert mining infrastructure into AI revenue, rather than on bitcoin prices alone. Investors will be watching upcoming quarterly disclosures to see whether AI revenue is scaling fast enough to justify the higher price targets analysts are now assigning.