Why Is IREN Stock Spiking Overnight? - IREN (NASDAQ:IREN)

IREN Ltd (NASDAQ: IREN) shares are trending on Thursday.

Check out the current price of IREN stock here.

IREN jumped 4.48% in after-hours trading to $49.25, building on Wednesday’s 12.86% regular session gain. The dual-engine crypto mining and AI infrastructure company continues its remarkable 537.03% six-month rally.

AI Cloud Capacity Doubles With $674M Investment

IREN announced on Monday that it has significantly expanded its cloud computing power by increasing its capacity to 23,000 GPUs. This expansion was made possible through a series of strategic hardware purchases, including 7,100 Nvidia Corp. (NASDAQ: NVDA) B300 GPUs, 4,200 Nvidia B200 GPUs, and 1,100 AMD MI350X GPUs, totaling around $674 million.

Daniel Roberts, co-founder and co-CEO of IREN, emphasized how the company’s vertically integrated platform is well-positioned to address pressing, sustained demand.

Revenue Outlook Raises AI Cloud Targets

The Australia-based company has increased its goal for annual revenue from its AI cloud division, aiming for over $500 million by the first quarter of 2026. This bold growth plan is in addition to IREN’s Bitcoin (CRYPTO: BTC) mining activities, which generated 1,825 bitcoins (worth $204.2 million approx.) in the last quarter, contributing to a nearly 30% increase in revenue compared to the previous quarter.

Wall Street Analysts Boost Price Targets

Two analysts elevated IREN price targets this week. Arete Research initiated coverage on Wednesday with a Buy rating and $78 price target, representing 58% upside potential from current levels. Roth Capital maintained its Buy rating and raised its price target to $82 Tuesday, suggesting 67% potential upside.

IREN trades at a price to earnings ratio of 121.05 with a $12.82 billion market capitalization and 31.81 million average daily volume.

Benzinga’s Edge Stock Rankings indicate IREN stock checks out on Short, Medium and Long Price Trends. Here is how the stock compares on other parameters.