IREN Limited (IREN) has come a long way from its Bitcoin (BTCUSD) mining roots. Over the past few years, the company has made a big shift, turning itself into a full-fledged AI infrastructure player. With a massive long-term powered land bank of around 6 gigawatts and a business that stretches from data centers to GPU cloud services, IREN has carved out a sweet spot in the booming AI market. As demand for AI computing keeps exploding, the company is looking more like an AI cloud provider.
That is starting to catch Wall Street’s eye. Jefferies recently initiated coverage on the Australian company with a “Buy” rating and a $79 price target, with analyst Jonathan Petersen and his team believing IREN’s major partnerships with giants like Microsoft (MSFT) and Nvidia (NVDA) have put it in a strong position to generate billions in recurring revenue and compete with some prominent AI infrastructure names.
