Canaccord: Microsoft Deal Accelerates IREN’s Artificial Intelligence Strategy

Canaccord Lifts IREN Price Target to $70 on Microsoft AI Partnership

November 10, 2025 — Canaccord Genuity raised its price target on IREN to $70 from $42 and reiterated a buy rating, citing the bitcoin miner’s new $9.7 billion GPU cloud deal with Microsoft (MSFT) as a major step into the AI infrastructure market.

Analysts led by Joseph Vafi said the five-year contract represents a “turning point” for IREN, positioning the company beyond its crypto roots and into the rapidly expanding field of artificial intelligence. The agreement includes a 20% prepayment from Microsoft and a projected 32% levered internal rate of return (IRR), according to Canaccord’s note.

Despite the upbeat assessment, IREN shares fell 6.8% on Friday to $62.38.

Under the deal, IREN will supply Microsoft with Nvidia GB300 GPUs from its Horizon data centers in Texas. The project is expected to fund about half of the $3 billion Horizon expansion. While analysts cautioned that chip and power constraints remain potential risks, Microsoft’s upfront payment and credit backing provide strong downside protection.

Canaccord also highlighted IREN’s two-gigawatt Sweetwater 1 site, slated to go live in 2026, as the next growth catalyst amid intensifying power scarcity for hyperscale operators. The firm raised its valuation of the Sweetwater project to $32 per share.

In the latest quarter, IREN reported $240.3 million in revenue, up 355% year-over-year. Canaccord said the company’s scale, low-cost energy base, and vertical integration position it advantageously at the convergence of crypto mining and AI infrastructure.