Iren Stock Jumps as Top Analyst Says Big AI Deals ‘Have Accelerated Meaningfully’

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B. Riley Bullish on Iren’s Hyperscale AI Deals

Giles raised his IREN price target from $83 to $88, predicting more than 47% upside in the months ahead. The analyst’s comment comes about three weeks after Iren disclosed that it has secured a cloud services and potential equity stake deal worth a combined $5.5 billion from chipmaking giant Nvidia (NVDA).

Notably, Wednesday’s rally comes as Iren has also just entered a massive $1.6 billion hardware purchase deal with Dell Technologies (DELL) to buy advanced air-cooled Blackwell computer systems from the American multinational tech giant. This adds to Iren’s recent purchase agreement with Nvidia to secure 50,000 data center graphics processing units (GPUs) to expand its fleet.

Iren has previously said it plans to spend $3.5 billion by the second half of this year to boost its data center hardware. It is also worth noting that Iren recently secured a $3.6 billion financing package to fulfill its $9.7 billion contract with tech giant Microsoft (MSFT). It secured the large-scale data center deal in November last year.