IREN Sees Long-Term Value in AI Infrastructure Pivot

IREN Limited, once primarily known as a bitcoin miner, is repositioning itself as an AI data center operator. According to Jefferies, IREN's pivot into AI infrastructure will unlock substantial long-term value for shareholders.

The firm initiated coverage of IREN with a 'Buy' rating and a $79 price target, citing the company's unique edge due to its massive 6 GW powered land bank and flexible data center ownership.

IREN has secured major deals with Microsoft and Nvidia, which could support roughly $3.1 billion in annual recurring revenue. The company's contracts with these tech giants include a five-year contract worth an estimated $9.7 billion tied to Nvidia's GB300 GPU capacity.