IREN’s New AI Contract Adds to $2.8 Billion in Deals as Company Targets $4 Billion ARR, Analysts Say - IR

IREN Limited (NASDAQ:IREN) stock carries a reiterated Buy rating and $80 price forecast from BTIG, according to a research note on Thursday.

IREN stock is trading lower on Friday after the company reported worse-than-expected fourth-quarter financial results.

New AI Contracts Support Growth Outlook

BTIG’s note follows IREN’s fiscal fourth-quarter 2026 earnings, in which adjusted EBITDA of approximately $19 million came in below the BTIG estimate of $35 million, while revenue of about $137 million exceeded the BTIG estimate of $132 million.

BTIG attributed part of the shortfall to a weaker Bitcoin (CRYPTO: BTC) price, noting that IREN is continuing to wind down its Bitcoin mining operations. The analysts highlighted a new multi-year agreement with a frontier AI lab, which adds to roughly $2.8 billion in previously announced AI cloud contracts.