Iren Limited’s (IREN) shares fell over 5% on Monday morning, extending losses seen in the prior two trading sessions. The timing of a new rally may be tied to improving sentiment toward Big Tech or to a new milestone for the Australian AI cloud company.
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Trade CRWV with leverageWhy Are Iren Shares under Pressure?
Iren is traded as a proxy for the AI infrastructure buildout, and its wobbling performance comes as shares in several Big Tech companies have dropped over the past month due to worries about their massive AI capital expenditure and timing of payoff.
Since the start of the year, the Sydney-based company’s shares have declined over 12% despite their massive rally in 2025. Shares in its neo-cloud peers, New Jersey-based CoreWeave (CRWV) and Amsterdam-based Nebius (NBIS), also slumped during the first hours of trading on Monday, worsening losses logged over the previous two sessions.
This underscores how pressure on Big Tech is rippling across the wider industry, including these companies. They have emerged as key partners to tech supermajors, supplying additional cloud computing capacity to support data center and AI infrastructure buildouts.
What’s Next for Iren Stock?
Beyond investor anxiety around Big Tech, Iren’s plan to raise up to $6 billion through an expansion of its equity program also recently fueled a sell-off on share dilution fears. This is despite plans to issue the new shares in small, continuous batches at current market prices.
Nonetheless, several analysts remain bullish on Iren, even as the company has entered into a new purchase agreement with Nvidia (NVDA) to expand its graphics processing unit fleet to 150,000. Iren also plans to spend about $3.5 billion during the second half of this year on its infrastructure — a move H.C. Wainwright’s five-star analyst Mike Colonnese believes shows that “customer demand is strong enough.”
Is IREN Stock a Strong Buy?
Across Wall Street, Iren’s shares are currently considered a Moderate Buy based on analysts’ consensus rating. This breaks down to eight Buys, two Holds, and one Sell assigned by 11 analysts over the past three months.
However, the average IREN price target of $79.78 implies about 137% upside.
