IREN Stock Jumps as Wall Street Sets Ambitious $100 Target

IREN stock is on a roll this week, climbing 5.18 percent on Thursday to close at $41.65. This follows a strong 7.6 percent gain on Wednesday, putting the stock on a steady climb. Investors are reacting to news that the company hit $1 billion in annual recurring revenue while setting a bold goal to reach $4 billion by the end of 2026.

The recent surge is fueled by the company transitioning away from its traditional Bitcoin mining business. Revenue from mining has already dropped 40 percent as the firm pivots toward becoming a major provider for AI cloud infrastructure. By positioning itself as a leader in the physical layer of the AI boom, the company is attracting significant interest from market participants.

Looking ahead, analysts are expressing high confidence in the company. Bernstein analyst Gautam Chhugani recently maintained a buy rating, setting a price target of $100 for the stock. If this target is met, it would represent a substantial return for current shareholders. Traders will be watching closely to see if IREN can maintain this momentum as it continues its pivot toward large scale data centers.