IREN Shares Drop Despite Strong AI Demand and Bullish Analyst Ratings
Despite strong demand for its AI infrastructure with most of its 2026 capacity already sold, IREN Limited saw a significant drop in share price. On Friday, the stock fell by 13.18% to $35.20 per share. Cantor Fitzgerald and other analysts remain bullish on IREN's future performance, with Cantor maintaining an Overweight rating and setting a $99 target — implying over 181% upside from current levels. Bernstein and H.C. Wainwright also set high price targets of $100 and $90 respectively. IREN reported strong AI Cloud Services revenue growth in the June quarter, rising to $70.5 million compared to $33.6 million previously. However, it incurred a net loss of $684 million for the same period due largely to impairment charges from decommissioned Bitcoin mining hardware.
Tickers: $IREN
Topics: AI infrastructure capacity expansion data centers revenue growth