IREN, previously known as Iris Energy Limited, is expected to see positive results following its strategic shift towards artificial intelligence.
Bernstein’s analysis suggests that the Bitcoin mining enterprise is poised for an increase in its stock valuation.
Related: What is Bitcoin mining? Explained
On September 25th, IREN shares experienced a 12.86% rise, bringing the current trading price to $47.14. Bernstein analysts forecast the stock may reach an all-time high of $75.
“We think IREN has shown sufficient advancement for us to seriously consider the AI cloud business and develop a rationale for investment upgrading,” Bernstein’s analysts stated in a client memo, as reported by The Block.
Over the past six months, the Australia-based entity’s shares have reportedly surged by approximately 500%, establishing it as the leading publicly traded Bitcoin mining entity in terms of market capitalization. Boosted by AI interest, its shares have also seen a year-to-date gain of 305%.
IREN has been engaged in Bitcoin mining activities since 2019. The company became a publicly listed entity in November 2021, with an initial share price of $28.
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In July of the current year, the organization began allocating resources to its transition toward AI, focusing on the development of its own AI cloud services to lessen its dependency on partnerships, like those with CoreWeave (CRWV).
Earlier in the week, the company procured state-of-the-art GPUs from Nvidia and AMD, valued at close to $670 million, to bolster its AI cloud operations. This acquisition grants IREN access to highly sought-after chips that are fueling the global AI expansion.
As of September 25th, the company’s market capitalization is valued at $12.8 billion.
This report was initially published by TheStreet on Sep 25, 2025, appearing first in their Investing section. Designate TheStreet as a Preferred Source here.