IREN stock price has rebounded from its lowest point this year, helped by the ongoing pivot towards the artificial intelligence (AI) industry. This pivot has turned many analysts and NVIDIA bullish about the stock. So, is it safe to buy after the recent retracement?
NVIDIA is Bullish on IREN Stock
Jensen Huang believes that IREN stock has more upside in the coming years, thanks to its transition from a mere Bitcoin mining company into a large AI infrastructure company.
Huang’s NVIDIA made a $2 billion investment in the company earlier this year. He also invested in other similar companies, such as CoreWeave and Nebius. Indeed, NVIDIA owns about 11% of Coreweave.
Wall Street analysts tracking IREN are also bullish on its performance. Jefferies has a buy rating with a $79 target, higher than the current $56. Similarly, Bernstein and B. Riley have a target of $96, while Canaccord Genuity is targeting $79. The consensus target for the stock is $82, higher than the current $56.
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IREN Aims to Become a Major AI Infrastructure Company
The consensus among analysts is that IREN’s transition from a pure-play Bitcoin miner to a diversified player in the AI data center business will boost its performance over time. They also point to its ability to convert secured power into deployed compute capacity at speed.
IREN aims to install 150,000 GPUs this year and then achieve an annual run rate (ARR) of $3.7 billion. It also plans to boost its installed power from 480 MW this year to 1,210 MW by the end of next year and 5 GW by the end of 2028. It will do this in its sites in Prince George, Mackenzie, and Childress.
The most recent results showed that IREN’s revenue retreated by $39.9 million in Q3’26 to $144.8 million. This retreat occurred due to the falling Bitcoin price, which affected its mining business. It was also because of the decommissioning of mining hardware ahead of the GPU installation.
Despite this retreat, analysts expect the company’s future growth to accelerate because of its AI business. The average estimate is that its annual revenue will jump by 45% this year to $742 million. It will then make over $3 billion next year.
Still, the company faces some major challenges. For example, it will need more cash over time, a move that may lead to dilution and increased debt. IREN also faces robust competition from leading companies such as CoreWeave and Nebius.
Also, unlike in 2025 when it announced a large $9.7 billion deal with Microsoft, it has yet to make a similar announcement this year. Competition in the industry is rising this year.
IREN Share Price Technical Analysis
The daily chart shows that the IREN stock price has rebounded in the past few months. Along the way, it has formed an ascending channel and is slightly above its upper side.
The stock also formed a double-bottom pattern at $33.68 and the neckline at $62.95, its highest level on January 26. It has remained above the 50- and 100-day Exponential Moving Averages (EMAs).
Therefore, there is a likelihood that the stock will resume the uptrend and potentially reach the year-to-date high of $70. A move above that level will point to further gains towards last year’s high of $77.
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