Is Iren Stock a Buy After Landing Nvidia and Microsoft Mega-Deals?

TLDR

• Bernstein raised its IREN price target to a Wall Street-high of $100, implying ~69% upside
• The firm called Iren’s $5.5 billion Nvidia deal “the Nvidia blessing” and reaffirmed its Buy rating
• Iren’s 2 GW Sweetwater site will become a flagship location for Nvidia’s DSX-AI data center blueprint
• Bernstein believes Iren is on track to deliver its 200 MW Horizon data center for its $9.7 billion Microsoft deal
• Iren announced plans for an 800 MW data center campus in South Australia, targeting APAC AI demand

Iren stock climbed around 2% on Tuesday, a day after jumping roughly 9%, following a bullish note from Bernstein that set a new Wall Street-high price target of $100 per share.

IREN Limited, IREN

The move was driven by analyst Gautam Chhugani, who reaffirmed a Buy rating on IREN and pointed to what he called “the Nvidia blessing” — a two-part $5.5 billion deal between Iren and Nvidia.

Chhugani ranks in the top 5% of analysts tracked on TipRanks, with a 46% overall success rate and an average return of 31.30%. On IREN specifically, he carries a 76% success rate and has generated an average return of roughly 139% over the past 12 months.

The $100 target represents roughly 69% upside from current levels and is the highest on the street since Compass Point’s $105 target back in November 2025.

The Nvidia deal has two key parts. The first is a $3.4 billion agreement for Nvidia to deploy 60 MW of Iren’s cloud infrastructure for its own AI workloads. The second involves Iren’s 2 GW Sweetwater site becoming the flagship location for Nvidia’s DSX-AI data center blueprint.

Chhugani noted that while Iren still needs to secure anchor and enterprise clients at Sweetwater, the Nvidia relationship meaningfully improves its competitive and technological positioning.

On the Microsoft front, Bernstein believes Iren is on track to deliver its 200 MW Horizon data center under its $9.7 billion deal. The first phase is expected to come online in Q3 2026, with the remainder following later in the year.

Australia Campus Adds Growth Market

Iren also recently announced plans for an 800 MW data center campus in Bundey, South Australia — the company’s first announced campus in the country. Energization is expected to begin in 2028.

The Bundey site has submarine fiber links to Singapore, Indonesia, South Korea, and Japan, positioning it as a regional hub for APAC AI demand.

The project is expected to create over 500 construction jobs and more than 200 ongoing skilled roles once operational.

Competition and Valuation

Iren’s stock is up 56.2% year-to-date, well ahead of its industry peers. But the valuation is stretched — IREN trades at a forward price-to-sales of 8.37x versus the industry average of 2.81x, earning it a Zacks Value Score of F and a Zacks Rank of #4 (Sell).

Competitors are also moving fast. Applied Digital signed a 15-year, 300 MW lease deal in May 2026, pushing its total contracted AI Factory revenues to around $31 billion. TeraWulf acquired the Muskie Data Campus in Kentucky the same month, expanding its pipeline to over 1 GW.

Across Wall Street, the consensus on IREN sits at Moderate Buy — six Buys, three Holds, and one Sell over the past three months. The average price target of $74.56 implies around 24% upside from current levels, well below Bernstein’s $100 call.

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