Key insights
- B.Riley raised IREN's price target to $96, citing a significant expansion into Australia with an 800 MW data center development. This move leverages Australia's renewable energy trajectory and APAC AI compute demand. While the firm revised EBITDA estimates slightly downward, the expanded global pipeline (North America, Europe, Australia) and strategic positioning in a high-demand region suggest potential positive spillover effects for related technology and infrastructure sectors within the US equity market.
Investing.com - B.Riley raised its price target on IREN Ltd. (NASDAQ:IREN) to $96.00 from $88.00 while maintaining a Buy rating on the stock. The target represents roughly 47% upside from the current price of $65.48, though the stock has already delivered a remarkable 594% return over the past year.
The firm acted after IREN executed a transmission connection agreement for a planned 800 MW data center development in Bundey, South Australia. The Bundey project represents the activation of the Australian pipeline, which the company first referenced alongside its May 8, 2026 NVDA partnership and earnings announcement.
B.Riley said IREN’s Australian background provides jurisdictional know-how and an execution edge, positioning the company as an informed early mover in a region where AI compute demand is significantly outpacing available infrastructure. The campus connects via submarine cables into core nodes of APAC AI compute demand, such as Singapore, Indonesia, South Korea, and Japan, while South Australia’s grid trajectory toward full net renewable coverage by 2027 aligns favorably with hyperscaler procurement standards.
With North America, Europe, and now Australia, IREN’s 5 GW development pipeline spans three continents. B.Riley revised its estimates for IREN following the announcement, a slightly more conservative GPU revenue ramp, and a more accelerated BTC mining wind-down.
The firm’s F4Q26 and FY26 adjusted EBITDA estimates moved from $47.9 million to $33.9 million and from $269.2 million to $255.2 million, respectively. The company reported EBITDA of $147 million over the last twelve months. According to InvestingPro analysis, which indicates the stock is currently overvalued relative to its Fair Value, IREN is one of over 1,400 US equities covered by comprehensive Pro Research Reports that transform complex data into actionable intelligence.
In other recent news, Iren Ltd. announced the signing of a transmission connection agreement for an 800-megawatt data center campus in Bundey, South Australia. This facility, located approximately 78 miles northeast of Adelaide, marks the company’s first data center project in Australia and is one of the largest announced in the Asia-Pacific region. Concurrently, Iren’s subsidiary, IE US Hardware 3 LLC, secured approximately $3.6 billion in financing to partially fund GPU infrastructure for a contract with Microsoft Corporation. The financing package includes a $1.5 billion delayed draw term loan facility and $2.1 billion in senior notes, facilitated by Goldman Sachs Bank USA and JPMorgan Chase Bank, N.A.
Additionally, Canaccord raised its price target on Iren shares to $79 from $70, maintaining a Buy rating. This adjustment reflects an updated valuation of Iren’s Microsoft project, increasing its estimated value per share. Meanwhile, Macquarie reiterated an Outperform rating on Iren, with a price target of $90, following the announcement of the company’s planned Australian AI data center. These developments highlight significant growth and expansion efforts by Iren Ltd. in both the Australian and American markets.
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