IREN Stock Jumps 4% as JPMorgan Flips Bullish With $65 Target

TLDR

• JPMorgan upgraded IREN to Overweight, raising its price target to $65 from $46, citing its NVIDIA partnership and neocloud growth
• ERCOT disclosed over 5 gigawatts of conditional power capacity for AI deployments, boosting the sector
• IREN’s 2-gigawatt Sweetwater Hub in Texas was conditionally included as Base Load in ERCOT’s Batch Zero process
• AI Cloud Services revenue jumped to $128.8 million in fiscal 2026, up from $16.4 million the year before
• IREN reported a $702.6 million net loss for fiscal 2026, including $638.8 million in largely non-cash impairments

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IREN stock was up around 4% to $43.22 on Wednesday, driven by a JPMorgan analyst upgrade and fresh news out of Texas grid operator ERCOT.

IREN Limited, IREN

On Monday, JPMorgan analyst Reginald Smith upgraded IREN from Underweight to Overweight and lifted the firm’s price target to $65 from $46. Smith pointed to IREN’s evolution into a neocloud provider and its partnership with NVIDIA as key reasons for the call.

Also on Monday, BTIG analyst Gregory Lewis reiterated a Buy rating on IREN with an $80 price target, adding further support heading into the week.

The stock traded as high as $43.92 during the session and closed the prior day at $41.58. Volume came in at around 33 million, below its average of roughly 42.7 million.

ERCOT Disclosure Lifts the Sector

ERCOT, the Texas power grid operator, disclosed more than 5 gigawatts of conditional capacity allocated for AI deployments. That news lifted several companies in the digital infrastructure space.

Cipher Mining (CIFR) and Core Scientific (CORZ) also traded higher on Wednesday as the ERCOT news reinforced the value of power portfolios held by these operators.

Access to large amounts of electricity is critical for companies expanding into AI data centers, which are far more energy-intensive than traditional computing operations.

Sweetwater Hub Progress

IREN’s own 2-gigawatt Sweetwater Hub in Texas received a conditional inclusion as Base Load in ERCOT’s Batch Zero process, announced on September 8.

The hub includes Sweetwater 1 at 1.4 GW and Sweetwater 2 at 600 MW. Together they sit within IREN’s broader 5-GW global data center development portfolio.

IREN has already energized the high-voltage substation at Sweetwater 1. The company is building 300 MW of gross data center capacity there, with delivery targeted for Q4 2027.

ERCOT’s classifications remain conditional and subject to further approvals.

On the financials, AI Cloud Services revenue grew to $128.8 million in fiscal 2026 from just $16.4 million a year earlier. IREN also raised its 2026 annual recurring revenue outlook to $4.0 billion from $3.4 billion.

That growth comes with a heavy price tag. IREN posted a $702.6 million net loss for fiscal 2026, including $638.8 million in impairments tied to retiring bitcoin mining equipment.

IREN carries a beta of 4.28, making it one of the more volatile names in the space. The stock has a debt-to-equity ratio of 1.80 and a market cap of around $16.79 billion.

From a technical standpoint, IREN was trading above its 20-day and 50-day moving averages but remained below its 100-day and 200-day averages. The RSI sat at 53.50, a neutral reading. Resistance is near $49, with support around $35.

The broader consensus from analysts sits at “Moderate Buy” with an average price target of $82.93. Bernstein holds the highest target at $100.

Institutional ownership stands at 41%, with Bank of America lifting its position by 58.4% and Situational Awareness LP increasing its holdings by 34.5% in the first quarter.