IREN Limited’s stock jumped roughly 5% in Thursday’s pre‑market session after Jefferies initiated coverage with a Buy rating and set a price target of $79, up from the trading level of $58.11.
Coverage Initiation
Jefferies analyst Jonathan Petersen led the launch, highlighting IREN’s position as a fully integrated AI cloud infrastructure firm that controls about 6 gigawatts of land‑based power capacity. The firm’s focus on high‑performance computing appeals to investors eyeing blockchain and crypto workloads, positioning IREN as a strategic player in that niche market.
Strategic Partnerships
Jefferies emphasized IREN’s collaborations with Microsoft and Nvidia as core drivers of growth, projecting combined recurring annual revenue of $3.1 billion. The Microsoft agreement spans five years, worth $9.7 billion for Nvidia GB300 GPU infrastructure at IREN’s 200 MW Childress site, featuring a $1.9 billion upfront payment and $3.65 billion in GPU financing at roughly 6 % interest.
Investor Outlook
According to the analyst, the deal structure enables IREN to recoup its $8.8 billion capital outlay within the contract term, delivering an unlevered internal rate of return above 20 %. A separate $3.4 billion AI cloud partnership with Nvidia further strengthens the company’s market position alongside peers such as CoreWeave (CRWV) and Nebius (NBIS), offering crypto and blockchain investors a compelling growth narrative.