Shares in IREN Limited (IREN) dropped 20% in November amid the volatility that trailed the Sydney-based data center operator’s Q1 2026 earnings results.
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IREN stock ended the last trading day in October at $60.75 per share, but closed at $47.81 per share on Friday, November 28.
IREN Sees Key Rallies in November
The stock saw key rallies during the period, including one following its $9.7 billion deal with Microsoft (MSFT) and the release of AI chip leader Nvidia’s (NVDA) blockbuster Q3 2025 earnings result.
Last week, the stock rose about 7% after the company, which remains a Bitcoin miner but has increasingly shifted its business model towards AI cloud capacity provision, launched a $3.6 billion capital-raising effort.
The company plans to channel the proceeds into an aggressive strategic shift, installing new computing hardware to capitalize on booming demand for artificial intelligence (AI) processing capacity.
Analysts Dissect $9.7B Microsoft Deal
In its recent quarterly results, IREN expanded its revenue from $52.76 million a year ago to $240.30 million — this represents growth of more than 355%. The neocloud provider also made a dramatic profit turnaround, converting its net loss of 27 cents per share from a year ago to $1.07 per share.
However, while Roth MKM analyst Darren Aftahi sees IREN’s deal with Microsoft as having “more legs to it”, H.C. Wainwright analyst Mike Colonnese sees “quite high” execution and financial risks for IREN.
Under the deal, IREN is to supply Microsoft with access to graphics processing unit (GPU) capacity powered by Nvidia’s (NVDA) GB300 — this is an “ultra superchip” that combines Nvidia’s Grace CPU with two of its Blackwell Ultra GPUs into a single unit tailored for massive AI workloads.
Will the IREN Stock Selloff Reverse in 2026?
Commenting on the decline, Citizens analyst Greg Miller noted that he expects IREN — alongside Bitcoin miners Hut 8 Corp (HUT) and Riot Platforms (RIOT) — to “course correct” in 2026-2027 when hyperscale companies start reporting their results in early February next year.
Miller also expects more details about OpenAI’s operating model and additional contract deals to help the company’s recovery, among other factors.
Is IREN Stock a Strong Buy?
Across Wall Street, IREN’s shares remain a Moderate Buy based on analysts’ consensus. This is based on nine Buys, one Hold, and two Sells issued by 12 analysts over the past three months.
However, the average IREN price target of $84 implies almost 88% upside from the current trading levels.
See more IREN analyst ratings here.