The broker reiterated its buy rating on the stock while raising its price target to $70 from $42.
Nov 10, 2025, 9:09 a.m.
Broker Canaccord Genuity said IREN’s (IREN) new graphics processing unit (GPU) cloud contract with Microsoft (MSFT) marks a turning point for the bitcoin BTC$106,325.99 miner, pushing it firmly into the AI infrastructure space.
The broker reiterated its buy rating on the shares and raised its price target to $70 from $42, citing the five-year, $9.7 billion deal and upside from IREN’s Texas data center expansion.
The shares closed 6.8% lower on Friday, at $62.38.
The contract includes a 20% prepayment from Microsoft, a projected 32% levered internal rate of return (IRR), and the potential to shift investor focus from mining to AI, analysts led by Joseph Vafi wrote.
IREN will supply Microsoft with Nvidia’s GB300 GPUs from its Horizon data centers in Texas, a project expected to fund about half of the $3 billion Horizon buildout. While chip and power risks remain, Microsoft’s upfront payment and credit backing help reduce uncertainty, the analysts said.
Canaccord called IREN’s upcoming two-gigawatt Sweetwater 1 site, due online in 2026, the next key catalyst as power scarcity drives hyperscaler demand.
The broker also raised its Sweetwater valuation to $32 per share.
IREN’s latest quarter showed $240.3 million in revenue, up 355% year-on-year, with Canaccord highlighting its scale, low-cost power and integration as advantages bridging crypto and AI.
Read more: Wall Street’s Biggest IREN Bull Hiked Price Target to $142 After $9.7B Microsoft AI Deal
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