MSFT-NVDA 인증 획득으로 IREN 주가 상승, AI 인프라 경쟁력 부각
2 Major Catalysts Are Lifting IREN Stock. How to Play It Here.
마이크로소프트와 엔비디아로부터의 주요 파트너십 수용은 주가에 강력하고 즉각적인 상승 모멘텀을 제공합니다.
핵심 요약
IREN 주가는 마이크로소프트와 엔비디아의 인증을 통해 19% 상승했으며, 물리적 인프라 소유를 기반으로 AI 인프라 시장에서 경쟁 우위를 확보하고 있습니다.
(분석 완료)
Original Article
2 Major Catalysts Are Lifting IREN Stock. How to Play It Here.
Another day, another round of upside for a neocloud. Following CoreWeave's (CRWV) and Nebius' (NBIS) time in the sun, Sydney-based Iren Limited (IREN) saw its shares end the week about 9% higher after it revealed that its first cloud deployment for Microsoft (MSFT) was complete , and it has also received the Exemplar Cloud status from Nvidia (NVDA) .
Iren's Horizon 1 is the first of four deployments from the company to Microsoft under a five-year, $9.7 billion contract inked last year in November. Here, Nvidia validated Iren's GB300 NVL72 deployment and granted it the Exemplar Cloud status. Iren joins CoreWeave, Nebius, AWS, Azure, and Oracle Cloud Infrastructure in receiving this recognition.
Founded in 2018, Iren's journey almost mirrors CoreWeave. Like CoreWeave, it started as a cryptocurrency miner, only to metamorphose into an AI infrastructure player whose main business now includes supplying Nvidia GPUs to hyperscalers. What separates it from other neocloud platforms, though, is that Iren has accumulated a massive portfolio of secured power and data center sites and is trying to convert that infrastructure into AI compute.
Valued at a market cap of $15.6 billion, IREN stock is up 19% on a year-to-date (YTD) basis.
So, amid a plethora of neocloud companies trading their shares in the market, what does Iren bring to the table that others cannot? Let's analyze.
Well, as touched upon earlier, briefly, what gives Iren a competitive advantage is its ownership of power. This gives Iren a head start over other neoclouds that need to find and secure that power while concurrently building AI infrastructure.
Iren's grid-connected, purpose-built data center portfolio currently has an operational strength of 810 MW, while 2,100 MW is under construction and 1,600 MW is in development in six locations across North America. Although both CoreWeave and Nebius are upping the ante in terms of power themselves, Iren's advantage over them lies in the fact that the company already has expertise and experience with power procurement, electrical infrastructure, cooling, uptime, and energy optimization, a legacy of its Bitcoin (BTCUSD) mining business. This reliability has led Iren to bag $2.8 billion worth of leading names in the AI industry, like Perplexity, Figure AI, and Fireworks AI, headlined by Microsoft and Nvidia.
And the company will be motoring on as Iren is working toward 480 megawatts of AI cloud capacity in 2026 and 1,210 megawatts in 2027. Projects include liquid-cooled capacity at its Childress, Texas, facility; additional capacity at its Sweetwater, Texas, data center; and conversions of existing facilities for AI workloads. Beyond 2027, management has described a pathway toward 5 gigawatts of data center capacity across North America, Europe, and the Asia Pacific region. If delivered, that would represent a major increase from the 2026 plan and could support several billion dollars of additional annual revenue.
Iren's Not-So-Powerful Financials
Iren's Q3 2026 was not commensurate with its ambitions, though, as the company reported a miss on both revenue and earnings. In fact, revenues fell while losses widened from the previous year.
Revenues for the quarter came in at $144.8 million, down 21.6% from the prior year as Bitcoin mining hardware was decommissioned. However, cloud revenue jumped to $33.6 million from $17.3 million in the year-ago period, signifying the strategic shift of the company from a Bitcoin miner to an AI cloud services provider. Cloud ARR for the year is now $3.7 billion.
Yet, losses widened significantly to $0.74 per share from $0.07 per share in the year-ago period. The losses were also much higher than the consensus estimate of a loss of $0.22 per share. Notably, this was also the second consecutive quarter of a bottom-line miss from the company.
Having said that, net cash from operating activities for the nine months ended March 31, 2026, soared by 102.7% from the corresponding period a year ago to $289.3 million. Overall, Iren ended the March 2026 quarter with a cash balance of $2.2 billion, which was much higher than its short-term debt of just about $0.5 million.
The quarter also saw Iren acquiring the Nostrum Group, giving it a footprint in Europe. It immediately added 490 MW to its overall power capacity and a 50-member team. Steady supply of renewables, a favorable cost structure, rapid AI buildout, and strong global connectivity were cited as the reasons for the buyout.
In terms of valuation, Iren is trading at overvalued levels, despite its unprofitable nature. Its forward P/S and P/CF of 21.59 and 48.25 are considerably above the sector medians of 3.40 and 20.65, respectively.
Thus, analysts remain guardedly hopeful about IREN stock, giving it a consensus rating of “Moderate Buy.” The mean target price of $81.08 indicates a potential upside of 83% from current levels. Out of 15 analysts covering the stock, 11 have a “Strong Buy” rating, three have a “Hold” rating, and one has a “Strong Sell” rating.