Bitcoin Miner IREN’s AI Expansion Drives 60% Price Target Hike by Canaccord

IREN (IREN) shares surged 25% to $28.75 in early trading following strong Q4 results and an upgraded price target from Canaccord Genuity, which raised its target 60% to $37 while maintaining a buy rating.

The bitcoin miner reported a $1B+ annualized revenue run rate from its mining unit, supported by 50 EH/s capacity and an efficient fleet operating at 15 J/TH on 3.5 cents/kWh. Mining revenue for the quarter reached $187.3M, up 33% sequentially, with adjusted EBITDA of $121.9M, a 46% increase.

On the AI side, IREN quadrupled its hashrate and added 1 MW of power, now totaling 3 MW, while also becoming an NVIDIA preferred partner and purchasing an additional 2,400 GPUs. Analysts say the combination of low mining costs and growing AI infrastructure positions IREN as a leading publicly listed miner.