Following Monday’s pullback after rival CoreWeave (CRVW) announced a new $2 billion deal with Nvidia (NVDA), AI cloud company and bitcoin miner Iren Limited’s (IREN) shares jumped 14.57% on Tuesday. The rally appears driven by continued investor confidence in AI firms, even as Anthropic looks to double its fundraising target to $20 billion for a $350 billion valuation.
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In 2025, AI startups collectively raised a record $150 billion, led by impressive funding rounds by OpenAI and Anthropic. This brings the number close to the $172 billion raised in initial public offerings (IPOs) last year despite the 39% year-over-year jump in IPOs, according to EY data.
Iren’s AI-Fueled Rally Continues
Recently, B. Riley analysts Nick Giles and Fedor Shabalin argued that Iren shares — which are traded as a proxy for AI stocks — would improve once sentiment on AI companies picks up again.
This has proven true as Iren shares have recorded various rallying periods in the last few weeks, including when TSMC (TSM) reported blockbuster fourth-quarter results that showed continued strong demand for its services, and the world’s largest contract chip manufacturer stated plans to expand its capital expenditure from around $41 billion to between $52 billion and $56 billion in 2026.
Iren also notched a 13% gain earlier this month, coinciding with leading AI firms rolling out significant artificial intelligence updates at the CES 2026 international trade show in Las Vegas, Nevada.
Where Is Iren Stock Heading Next?
On Wall Street, most analysts remain Bullish on Iren even as the data center operator’s shares have soared nearly 60% since the start of the year.
Meanwhile, Bernstein (AB) recently maintained IREN as its top AI pick for the year. In addition, H.C. Wainwright analyst Mike Colonnese has argued that Iren “is set for a transformative year,” with the possibility to finally earn revenue upside from its recently signed $9.7 billion deal with Microsoft (MSFT).
Is IREN Stock a Good Buy?
Across Wall Street, Iren Limited’s shares remain a Moderate Buy based on the analyst consensus rating. This breaks down to nine Buys, two Holds, and one Sell issued by 12 analysts over the past three months.
Moreover, the average IREN price target of $82.80 suggests about 38% growth potential.
