TLDR
- IREN stock fell 11% to $26.99 on Friday, October 16, with volume near 68 million.
- Rate fears and data center financing worries hit AI infrastructure names, including CoreWeave and Nebius.
- Barron’s reported on October 12 that Anthropic agreed to a multiyear cloud deal with IREN. Neither company has confirmed it.
- Analysts have a Buy consensus and an average target of $77.81, about 188% above Friday’s close.
- Support sits at $26.55, and the 14-day RSI is near 22. Earnings are expected November 5.
IREN stock fell 11% on Friday, October 16, closing at $26.99. It was a rough day for holders, with the stock down $3.40 on volume of nearly 68 million.
The sell-off hit AI infrastructure names across the board. Reuters reported that expectations of higher US interest rates weighed on CoreWeave, Nebius and IREN.
Investors are asking whether future AI revenue can cover the billions going into computing capacity. Borrowing costs and data center financing sit at the center of that debate.
Reports of a big new customer did not stop the slide. Barron’s reported on October 12 that Anthropic had agreed to a multiyear cloud arrangement with IREN.
Neither company has confirmed the deal publicly. IREN did previously disclose a contract with an unidentified frontier AI lab.
IREN already has ties to Microsoft and Nvidia. Those include a reported $9.7 billion Microsoft cloud services agreement and a partnership covering its five-gigawatt pipeline.
What the Latest Results Show
Fiscal 2026 revenue rose about 41% to $707 million. AI cloud revenue jumped from $16.4 million to $128.8 million.
The company still posted a $702.6 million net loss for the year. Most of it came from non-cash impairment charges tied to retiring Bitcoin mining equipment.
Management cited about $4 billion in contracted annualized run-rate revenue for 2026 capacity, with $1 billion already operating. Those are run rates, not recognized annual revenue.
Financing has helped on the funding side. IREN disclosed $2.8 billion in GPU financing in August, though its capital needs keep it sensitive to credit conditions.
Analyst Targets and Chart Levels
Analysts remain positive. The consensus rating is Buy with an average 12-month target of $77.81, and individual targets range from $37 to $139.
B. Riley kept its Buy rating in September but cut its target from $96 to $91. JPMorgan upgraded IREN from Underweight to Overweight that same month.
The chart looks weaker. IREN trades below its 50-day and 200-day moving averages, and its 14-day RSI fell to about 22, which is deeply oversold.
Support sits at $26.55, then $25. A break below $26.55 could open the door to $25, while reclaiming $30.39 would be an early sign that selling is easing.
IREN’s next earnings report is estimated for November 5, 2026. Investors will look for proof that contracted AI revenue is turning into operational progress.
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