Derived from Coindesk, IREN (IREN) shares surged 11% in pre-market trading after Bernstein analysts raised their price target to $75 from $20, citing the miner's pivot to an AI cloud business. The firm now sees IREN's AI strategy as credible, projecting $500 million in annual recurring revenue by Q1 2026 from 23,300 GPUs. Analysts also noted IREN's 3 gigawatt power portfolio allows flexibility between bitcoin mining and AI workloads, with its 50 EH/s mining operation generating $600 million in annualized EBITDA at current bitcoin prices.
IREN Shares Jump 11% in Pre-Market Trading as Bitcoin Miner Doubles AI Cloud Fleet
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