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IREN

IRENA
Nasdaq / Software & Services
Last Price
Quote time unavailable
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Current thesis
IREN has rapidly scaled AI Cloud revenue, signed a diversified set of multi-year customers, reported $4 billion of contracted 2026-capacity ARR, and secured substantial GPU financing and customer prepayments. Successful commissioning and 2027 capacity delivery could support substantial re-rating.
Posture
Constructive
Lead driver
Sentiment
What changed
2 setup hits (3d) with net bullish as of 2026-09-09.
What can break
2027 capacity discussions are not equivalent to fully contracted revenue and remain execution-dependent.
Momentum
12
Value
41
Sentiment
90
Setup hits (3d)
2 · Net Bullish
AI TargetsBase $52.00 · Bull $82.00 · Bear $29.00Analysis 2026-09-09; returns require an exact persisted reference.
Data freshness
Prices
Unavailable: Price unavailable
Fundamentals
As of 2026-08-27 • Vendor: Data Vendor v1
Scores
As of 2026-09-10 • Model: HYBRID_IC_RP
AI Memo
As of 2026-09-09 • Model: RankAlpha Sentiment Codex
Investment thesis
As of 2026-09-10

Grade is the composite factor band; factor scores use a 0–100 scale. Confidence describes evidence quality, not a probability of return. Score date: 2026-09-10. Definitions

Supporting evidence
What
Grade A · Constructive
Confidence Medium · Net Bullish
Target $80.17
Why
Momentum12 · Δ7d -6.9
Value41 · Δ7d 0.0
Sentiment90 · Δ7d -13.7
So what
Strength-led posture (Net Bullish). Favor watchlist adds and disciplined entries.

Confirming evidence

  • • 2 setup hits (3d) with net bullish as of 2026-09-09.
  • • Sentiment remains the lead driver in the composite, 7D delta -13.7.

Contradictions & invalidation

  • • 2027 capacity discussions are not equivalent to fully contracted revenue and remain execution-dependent.
  • • Delayed commissioning, testing or customer acceptance could defer ARR conversion.
  • • The company remains in a capital-intensive transition, with FY26 adjusted EBITDA below the prior year, a large net loss and major impairment charges.

Catalyst clock

2026-09-30

FY26 results validate AI Cloud growth but show mixed profitability

Lead driver: Sentiment · See AI snapshot
Momentum
12
9% active weight
Current posture
7d trendSoftening
Δ7d
-6.9
Δ21d
-1.1
Value
41
28% active weight
Current posture
7d trendFlat
Δ7d
0.0
Δ21d
-2.2
Sentiment
90
62% active weight
Current posture
7d trendSoftening
Δ7d
-13.7
Δ21d
-1.0
Why this grade

Composite grade A. Momentum 12.2 / Value 40.8 / Sentiment 90.3

Scenario snapshot

Scenario probability is memo-authored likelihood, not forecast certainty. Targets belong to the analysis dated 2026-09-09. Scenario method

B+
Bull case
25%
Probability
Target price
$82.00
Analysis reference price unavailable
Analysis 2026-09-09 · RankAlpha Sentiment Codex
Most likely
B
Base case
50%
Probability
Target price
$52.00
Analysis reference price unavailable
Analysis 2026-09-09 · RankAlpha Sentiment Codex
B-
Bear case
25%
Probability
Target price
$29.00
Analysis reference price unavailable
Analysis 2026-09-09 · RankAlpha Sentiment Codex
Fundamentals (TTM)
As of 2026-08-27
Market Cap
$16.02B
Beta
4.26
Shares Out
356.86M
P/E (TTM)
27.9
P/S (TTM)
20.22
P/FCF (TTM) · Derived
-6.84
Rev YoY
-0.0%
EPS YoY
+906.2%
Gross Margin
+19.6%
Op Margin
-29.8%
Net Debt
$399.71M
Current Ratio
3.72
As of 2026-09-10 • Updated nightlySource: Internal modelMethods & Data