JPMorgan Raises Iren Price Target 50% Amid AI Cloud Growth

Iren’s stock experienced a recent 27% drop over three months, driven by concerns over capital expenditures needed to scale its AI data center operations. However, JPMorgan Chase & Co. upgraded the company from underweight to overweight, raising its price target from $46 to $65—a 50% increase from Monday’s closing price. The upgrade reflects optimism around Iren’s strategic partnership with Nvidia, a deal valued at over $3 billion for a five-year AI cloud transaction, and a shift toward higher pricing power in its neocloud operations.