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IREN Limited is seeing strong demand for its AI infrastructure, with most of its 2026 capacity already sold as the company expands its data center business.
Cantor Fitzgerald reiterated its Overweight rating on IREN and maintained its $99 price target following the company's fiscal 2026 results.
IREN shares were trading at $35.20, down 13.18% on Friday . Cantor's target implies roughly 181% upside from that level.
Other analysts are also largely bullish on the stock, according to TipRanks. Bernstein has a $100 price target, followed by Cantor Fitzgerald, H.C. Wainwright at $90, BTIG at $80 and Canaccord Genuity at $79. Needham has a Hold rating, while JPMorgan is more cautious with a Sell rating and a $46 target.
IREN said it has secured $4 billion in contracted annualized run-rate revenue for 2026 capacity, with its 2026 capacity largely sold out.
The company is also in late-stage discussions with customers for a significant portion of its 2027 capacity, while talks for 2028 are progressing.
Pricing is rising as demand grows. Recent three-year contracts are generating more than $20 million in revenue per megawatt of IT capacity, while IREN is currently discussing deals at around $25 million per megawatt.
The company's AI Cloud Services business is already showing that growth. Revenue jumped to $70.5 million in the June quarter from $33.6 million in the previous quarter.
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For the full fiscal year, AI Cloud Services revenue reached $128.8 million, up from $16.4 million a year earlier.
IREN is a global data center company that develops large-scale infrastructure for AI and Bitcoin mining, with operations across North America and beyond.
Bitcoin mining generated $66.7 million in quarterly revenue, while total revenue came in at $137.2 million.
IREN is targeting approximately 0.3 gigawatts of IT capacity in 2026 and 0.8 gigawatts in 2027, with a broader data center pipeline exceeding 5 gigawatts.
The expansion is costly, however. IREN reported a $684 million net loss for the June quarter, including a $450.4 million impairment charge related primarily to Bitcoin mining hardware being decommissioned as sites are converted for AI Cloud growth.
For Cantor, IREN's growing AI capacity, higher pricing and expanding customer pipeline continue to support its bullish outlook.
