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Bitcoin miner IREN Limited\u2019s stock (NASDAQ: IREN) blasted higher today as investors priced in the company\u2019s pivot from pure-play bitcoin miner to an integrated AI-cloud operator.\u00a0<\/p>\n
The stock jumped into double-digit gains after two separate analyst calls put fresh conviction behind the company\u2019s strategy, and after IREN announced<\/a> a massive GPU procurement that materially changes its revenue runway.<\/p>\n IREN has surged 110% in the past month to $48.75, including a 16.6% jump today, and is now up more than 530% over the last six months.<\/p>\n The headline drivers are straightforward: IREN<\/a> says it has doubled its AI Cloud capacity to roughly 23,000 GPUs after a ~$674 million purchase of 12,400 units \u2014 a mix of NVIDIA B300s and B200s plus AMD MI350Xs \u2014 and is guiding the segment toward more than $500 million in annualized run-rate revenue by Q1 2026. Those numbers convert a theoretical \u201cAI pivot\u201d into a tangible capacity and revenue target investors can value.<\/p>\n Wall Street reacted fast. Bernstein more than tripled its target to $75 and framed the move as a \u201cbreakout\u201d driven by exponential AI cloud scaling, implying roughly 80% upside from the prior close, according<\/a> to CoinDesk.<\/p>\n Around the same time Arete Research initiated coverage with a Buy and a $78 target, echoing the view<\/a> that the company\u2019s combined data-center and mining footprint gives it a unique claim in the market.\u00a0<\/p>\n The analyst calls \u2014 from two shops with materially different frameworks \u2014 pushed the stock into the top gainers on crypto-infrastructure screens.\u00a0<\/a><\/p>\n IREN management has been explicit about building out liquid-cooled, high-density AI halls (including a planned<\/a> 75MW direct-to-chip AI site in Texas) and pairing that physical capacity with the company\u2019s existing low-cost power portfolio.\u00a0<\/p>\n Owning power, land and data centers lets IREN capture a larger slice of per-megawatt economics than miners that merely lease capacity to hyperscalers.\u00a0<\/p>\n That vertical control is central to Bernstein\u2019s re-rating thesis.<\/p>\n The market\u2019s bid also reflects a partial offset: IREN isn\u2019t abandoning bitcoin. The company still operates one of the largest self-run mining fleets in the U.S., and analysts point to the miner\u2019s sizable bitcoin cash flow \u2014 roughly hundreds of millions in EBITDA at current prices \u2014 as a funding source for the AI capex.\u00a0<\/p>\n That optionality \u2014 toggle between mining and GPU hosting depending on which yields more per megawatt \u2014 is central to investors\u2019 willingness to assign a premium multiple to IREN\u2019s new AI assets.\u00a0<\/a><\/p>\n<\/p><\/div>\nWhy is IREN surging?<\/strong><\/h2>\n