Gate News message, April 29 — Bernstein downgraded IREN’s price target to $100 (AU$144) from $125 (AU$180) but maintained the company as its top pick among AI-focused Bitcoin miners, citing its Microsoft-backed GPU expansion and $3.7 billion revenue target as the centerpiece of its post-mining strategy.
IREN has contracted 150,000 GPUs, with half tied to Microsoft’s five-year cloud services agreement valued at approximately $9.7 billion, including a 20% upfront payment. Bernstein projects the full GPU fleet could generate over $3.7 billion (AU$5.33 billion) in annualized AI Cloud revenue by the first quarter of 2027. IREN’s stock currently trades at $50.64 (AU$72.92), down from a 52-week high of $76.87 (AU$110.69) but up 674% over the past year.
The Microsoft deployment involves NVIDIA GB300 GPUs rolled out in phases through 2026 at IREN’s 750MW Childress, Texas campus, with liquid-cooled data centers supporting 200MW of critical IT load. IREN also signed a purchase agreement with Dell Technologies for GPUs and related equipment valued at approximately $5.8 billion (AU$8.35 billion). Co-founder and co-CEO Daniel Roberts stated the Microsoft contract validates the company’s vertically integrated AI Cloud platform.
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