IREN Stock Hits New 52-Week High: What's Driving The Action?

IREN Ltd (NASDAQ:IREN) shares surged to a new 52-week high on Thursday. The rally underscores soaring investor confidence in the company’s pivot from Bitcoin mining to the booming artificial intelligence sector. Here’s what investors need to know.

• IREN is testing upper boundaries. See the market dynamics here.

What To Know: The fresh peak comes just a day after the stock slid on news of an $875 million convertible senior note offering, demonstrating strong underlying momentum that overcame initial dilution concerns.

Fueling the bullish sentiment are high-profile endorsements and ambitious growth targets. Prominent investor Eric Jackson touted IREN as a potential “100x wealth machine,” projecting a trajectory from $9 to $900. The company's strategic shift has also attracted congressional attention, with Rep. Cleo Fields (D-La.) recently disclosing a significant investment.

With thousands of high-demand Nvidia GPUs online or on order, IREN is targeting over $500 million in annualized recurring revenue by early 2026, potentially positioning itself as a key infrastructure player in the AI gold rush.

Benzinga Edge Rankings: According to Benzinga Edge stock rankings, the company boasts exceptional Momentum and Growth scores of 99.54 and 99.77, respectively, with a positive price trend across all time horizons.

IREN Price Action: IREN shares were up 6.97% at $64.35 at the time of publication on Thursday, according to Benzinga Pro. The stock is trading near its 52-week high of $65.21.

The stock is significantly above its 50-day ($30.70), 100-day ($21.79) and 200-day ($15.29) moving averages, indicating strong bullish momentum. The recent high of $65.21 suggests potential resistance at this level, while support may be found near the intraday low of $60.91.

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How To Buy IREN Stock

Besides going to a brokerage platform to purchase a share — or fractional share — of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For IREN, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

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