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IREN

IREN Ltd

NASDAQ: IREN · FINANCIAL SERVICES · CAPITAL MARKETS

$42.86
-3.56% today

Updated 2026-04-29

Market cap
$14.74B
P/E ratio
30.86
P/S ratio
19.47x
EPS (TTM)
$1.44
Dividend yield
—
52W range
$6 – $77
Volume
34.0M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

IREN Ltd (IREN) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current
$42.86
Consensus
$64.60
+50.72%
2030 Target
$307.45
+617.34%
DCF
—
—
11 analysts:
3 Buy2 Hold3 Sell

Management guidance

IREN is pivoting from Bitcoin mining to AI cloud infrastructure with a $9.7B five-year Microsoft contract. Management targets $3.4-3.7B annualized AI cloud revenue by end of 2026 through deployment of 140,000-150,000 NVIDIA GPUs. The company secured $3.6B in GPU financing and is launching a $6B equity offering to fund $3.5B in additional GPU procurement.

Sources: Management guidance, analyst consensus, sector analysishigh confidence

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range
Bull case (2030)
$368.94
$10.2B Rev × 12x P/S
Base case (2030)
$307.45
$10.2B Rev × 10x P/S
Bear case (2030)
$215.22
$10.2B Rev × 7x P/S

Financial forecast — research-backed

Metric2023202420252026 (E)2027 (E)2028 (E)2029 (E)2030 (E)
Revenue$0.1B$0.2B$0.5B$1.0B$2.9B$5.2B$7.5B$10.2B
Revenue growth—147.9%167.7%108.0%177.0%80.0%44.0%36.0%
EPS—$-0.35$-0.52$0.50$-0.55$1.25$2.10$3.05
P/S ratio———12.0x12.0x12.0x12.0x10.0x
Implied price———$37.62$104.53$188.09$271.28$307.45

Catalysts & risks

Growth catalysts
+ 150,000 GPU deployment completion by late 2026 targeting $3.7B annualized AI cloud ARR
+ Microsoft $9.7B five-year AI infrastructure contract execution and revenue ramp
+ Addition to MSCI USA Index (Feb 2026) driving institutional investor inflows and liquidity
+ 1.6GW data center campus expansion in Australia and Canada supporting power-intensive AI workloads
+ Transition from cyclical Bitcoin mining to higher-margin recurring AI cloud revenue
Key risks
- Capital intensity and equity dilution: $6B offering at risk of substantial shareholder dilution during pivot phase
- Execution risk: $3.7B revenue target dependent on flawless GPU deployment, customer onboarding, and power infrastructure completion by late 2026
- Competitive pressure: CoreWeave, Nebius, and legacy cloud providers (AWS, Azure, GCP) aggressively competing for AI GPU capacity with stronger balance sheets
- AI demand volatility: Revenue concentration in early-stage AI cloud customers with uncertain LTV; potential slowdown if enterprise AI capex disappoints
- Regulatory and macro risks: Bitcoin mining exposure to regulatory shifts; power grid constraints in deployment regions; geopolitical supply chain disruptions affecting NVIDIA GPU availability

Methodology

IREN Ltd's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 11 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 5, 2026.