IREN Ltd

IREN: XNAS (USA)

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IREN: New AI Cloud Entrant's Growing Pains Position the Firm as an Also-Ran; Shares Overvalued

Luke Yang

Mar 17, 2026

We initiate coverage of IREN, one of the world's largest bitcoin miners, which is transitioning into an AI data center operator. The company recently reached a 5-year, $9.7 billion deal with Microsoft to provide 200 megawatts of GPU compute capacity, starting in 2026.

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IREN Ltd

IREN: New AI Cloud Entrant's Growing Pains Position the Firm as an Also-Ran; Shares Overvalued

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