Wall Street Call Sends IREN Stock Suddenly Soaring

CoreWeave (CRWV) and Iren (IREN) are competing in the AI cloud services market. Iren, a Bitcoin miner, is transitioning to AI infrastructure, with AI cloud revenue up nearly eightfold in fiscal 2025. JPMorgan upgraded Iren to buy with a $65 price target, citing customer traction and an Nvidia alliance. Iren reported net losses due to investment in its platform.

IREN shares rose 8.13% in a week, driven by bullish options trading and analyst upgrades. JPMorgan doubled its rating to Overweight with a $65 target, while Northland initiated coverage with an Outperform rating and $99 target, citing IREN's AI computing growth and partnerships with Nvidia and Microsoft. The company is transitioning from mining to AI cloud services, but faces risks like heavy spending and volatile profitability.

JPMorgan and Morgan Stanley issued bullish price targets for IREN and Cipher Digital. JPMorgan's Richard Cho upgraded IREN to overweight with a $65 target, citing customer momentum and strategic relationships. Northland and B. Riley also set high targets for IREN. Morgan Stanley raised Cipher's target to $54, expecting deals for AI data center capacity. Both companies are involved in neo cloud and power shell sectors.

IREN Ltd's stock is up 1.5% in pre-market trading after Northland Capital initiated coverage with an Outperform rating and a $99 price target, citing the company's strategic shift to AI compute workloads and strong analyst support. The stock has been rising since JPMorgan's recent upgrade, benefiting from its Nvidia partnership and expanding data center footprint.

Nebius Group (NBIS) announced higher GPU rental rates, lifting its stock 10% and IREN Limited (IREN) 6%. CoreWeave (CRWV) fell 2% due to debt and capacity concerns. Analysts view this as a neocloud-specific repricing, not a broad sector rally. QQQ and DTCR ETFs showed mixed performance.

Nebius (NBIS) stock rose 9% after raising prices for GPU and CPU compute services, citing strong AI demand. Peers CoreWeave (CRWV) and Iren (IREN) also gained. Q2 2026 revenue grew 454% YoY to $582M, with AI cloud revenue up 514%. The company plans $5.7B in capex and increased its power target to 5 GW for 2026. Analysts rate NBIS and CRWV as Moderate Buy, IREN as Strong Buy.