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IREN Ltd IREN

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Stock XNAS Rating as of
$32.71 −2.11 (6.06%)
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As of Cboe BZX Real-Time Price Open

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IREN Is Making Solid Progress Catching Up With Peers in Service Delivery

Luke Yang

IREN is a leading bitcoin miner that operates one of the world’s largest bitcoin mines. The low energy cost and outstanding efficiency enable the company to produce bitcoins at a lower cost than other miners. More recently, generative AI has been growing faster than any other new technology we have seen before. Bitcoin miners like IREN quickly realized that artificial intelligence is a better and bigger opportunity to leverage their cheap power supply. Thanks to its experience in low-cost, high-efficiency compute, IREN is quickly pivoting from bitcoin mining to AI cloud. As of fiscal 2026, the company is retrofitting its bitcoin mines in British Columbia and West Texas into AI data centers. It also secured additional sites in Texas and Oklahoma for future AI cloud expansion.

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Price vs Fair Value

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IREN is trading at a LOCK|sX%!J< premium.
Price
$34.80
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

IREN’s access to cheap renewable energy and outstanding data center efficiency allows the company to undercut competitors with low prices to capture more demand.

Bears

The long-term demand for AI cloud infrastructure is highly uncertain. If IREN is unable to ramp up revenue rapidly, the large amount of convertible notes on its balance sheet will significantly dilute existing shareholder interest.

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Trading Information

Previous Close Price
$35.19
Day Range
$32.71–33.32
52-Week Range
$28.93–76.87
Bid/Ask
$32.70 / $32.74
Shares Outstanding
394.06M
Market Cap
$13.71B
Volume/Avg
3M / 43M

Key Statistics

Price/Earnings (Normalized)
112.32
Price/Sales
15.56
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Dividend Payment Schedule
—
Total Yield
—

Company Profile

IREN owns data centers powered by renewable energy in Canada and the US for bitcoin mining and AI cloud infrastructure. The company is in the process of converting its existing bitcoin capacity for AI purposes and securing new power and land supply to expand its data center operation. IREN works closely with industry leaders in AI, such as Microsoft, to support their cloud infrastructure ambitions.
Sector
Financial Services
Industry
Capital Markets
Stock Style Box
Large Growth
Total Number of Employees
685
Website
https://www.iren.com

Competitors

Valuation

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Metric
IREN
ORCL
NBIS
Price/Earnings (Normalized)
 112.3217.00—
Price/Book Value
 3.166.725.52
Price/Sales
 15.565.6242.92
Price/Cash Flow
 39.9013.22139.66
Price/Earnings
IREN
ORCL
NBIS

Financial Strength

Metric
IREN
ORCL
NBIS
Quick Ratio
 2.681.023.60
Current Ratio
 3.551.174.03
Interest Coverage
 −12.325.070.98
Quick Ratio
IREN
ORCL
NBIS

Profitability

Metric
IREN
ORCL
NBIS
Return on Assets (Normalized)
 4.99%9.91%−2.61%
Return on Equity (Normalized)
 13.23%63.39%−6.61%
Return on Invested Capital (Normalized)
 5.54%15.17%−2.13%
Return on Assets
IREN
ORCL
NBIS

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