Bernstein sees IREN pivoting from Bitcoin mining to $3.7B AI cloud business
Bernstein forecasts IREN shifting from Bitcoin mining to a $3.7 billion AI cloud business powered by 150,000 contracted GPUs, largely funded through a Microsoft deal. The analyst assigned a $100 price target, implying nearly 100% upside. IREN will gradually sunset mining operations while repurposing infrastructure in Texas and British Columbia for higher-margin AI workloads, reflecting broader industry pivots toward cloud computing.
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