Can Bitcoin Miner IREN Hit $100? Wall Street Thinks So

Shares of IREN have jumped more than 14 percent over the past few days, fueled by growing institutional interest in its artificial intelligence cloud infrastructure. The sudden rise has caught the attention of Wall Street, with Bernstein analyst Gautam Chhugani predicting the stock will rally to a new all time high of $100 over the next 12 months. With the stock currently trading around $41.21, this target represents a massive 142 percent gain.

The main driver behind this optimistic outlook is IREN's transition from traditional Bitcoin mining to AI data centers. Chhugani explained that the company brings in 10 million to 20 million dollars per megawatt through its specialized AI cloud operations. This is a massive upgrade compared to the standard 2 million to 2.5 million dollars typical for normal data center leasing, allowing IREN to capitalize on the high demand for computing power.

Large deals with major players like Microsoft and Nvidia have also validated IREN's business direction. Bernstein estimates that these partnerships could help push the company's annualized AI cloud revenue toward 4 billion dollars. While the stock is down 3.5 percent so far this year, keeping its market cap at roughly 15.6 billion dollars, Wall Street remains highly optimistic. Out of ten analysts surveyed recently, the average price target sits at $75.67, with even the lowest estimate predicting a climb to $46.