IREN Limited's Sweetwater Hub: Can It Fuel IREN's AI Expansion Plans?
IREN positions Sweetwater as a major AI infrastructure hub, with 2 GW of planned capacity and a liquid-cooled design built to scale.
Zacks Investment Research10/7/2026Positive
IREN
IREN LtdNASDAQFINANCIAL SERVICESCAPITAL MARKETS
Key Statistics
Market Cap
$15.95B
P/E Ratio
—
EPS
$-2.22
Beta
4.27
52W High
$76.87
52W Low
$28.93
50-Day MA
$41.40
200-Day MA
$45.57
Dividend Yield
—
Profit Margin
-99.40%
Forward P/E
136.99
PEG Ratio
4.05
About IREN Ltd
IREN Limited (Ticker: IREN) is a vertically integrated data-center and digital infrastructure company traded on the Nasdaq. Headquartered in Sydney, Australia, it develops, owns and operates large-scale, renewable-powered data centers across North America that support Bitcoin mining, AI cloud services, and high-performance computing workloads. Originally known as Iris Energy Limited before rebranding in 2024, IREN combines its energy infrastructure and computing platforms to generate revenue from cryptocurrency mining and increasingly from GPU-powered AI cloud offerings. The company has secured significant power capacity and major customer contracts as it pivots toward AI data-center growth while maintaining its legacy mining business.
Fundamentals
| Revenue (TTM) | $707.01M |
| Gross Profit (TTM) | $487.30M |
| EBITDA | $38.35M |
| Operating Margin | -102.50% |
| Return on Equity | -23.40% |
| Return on Assets | -2.53% |
| Revenue/Share (TTM) | $2.24 |
| Book Value | $11.01 |
| Price-to-Book | 4.01 |
| Price-to-Sales (TTM) | 22.56 |
| EV/Revenue | 26.5 |
| EV/EBITDA | 28.06 |
| Quarterly Earnings Growth (YoY) | 42.90% |
| Quarterly Revenue Growth (YoY) | -26.70% |
| Shares Outstanding | $394.06M |
| Float | $346.18M |
| % Insiders | 3.26% |
| % Institutions | 63.76% |
Historical Volatility
HV 10-Day
41.68%
HV 20-Day
50.56%
HV 30-Day
74.27%
HV 60-Day
103.93%
HV Rank
0.0%
Volatility is currently contracting
Analyst Ratings
Consensus ($77.69 target)
2
Strong Buy13
Buy5
HoldLatest News
IREN Doubles Down on Pricing: Can Revenue Per MW Keep Rising?
IREN boosts infrastructure economics as rising revenue per MW, stronger pricing and prepayments improve returns on expanding capacity.
Zacks Investment Research10/5/2026Positive
Bitcoin Miners Trade Rigs for AI as Power Becomes the Prize
It cost bitcoin miners an average of about $75,500 in cash to produce one coin in the second quarter. Meanwhile, bitcoin itself ended June at $58,400, less than half its October 2025 record high.
ETF Trends10/1/2026Negative
Cipher Digital Slips 3% Despite 20-year Barber Lake Lease Extension; TeraWulf Retreats 2%, IREN Limited Treads Water
Cipher Digital (NASDAQ:CIFR) stock slipped 3% on Wednesday despite a 20-year extension of its Barber Lake lease that lifts total contracted revenue at the Texas data-center campus above $9 billion. TeraWulf (NASDAQ:WULF) shares retreated 2% to $14.
24/7 Wall Street9/30/2026Negative
IREN vs. Riot Platforms: Which Bitcoin-to-AI Stock Looks Stronger Now?
IREN and Riot take different paths from Bitcoin mining into AI, with cloud services, leases, power capacity and timing shaping their strategies.
Zacks Investment Research9/28/2026Positive
IREN's Yearlong Downward Trend Continues: A Prominent Wall Street Firm Says It Will Double and Then Some
IREN has shed 42% from its peak while rivals like TeraWulf and Cipher Mining kept their yearly gains, yet a prominent Wall Street analyst just slapped a $100 price target on the stock.
24/7 Wall Street9/28/2026Negative
The IREN Story Is Changing Fast. We See 82% Upside Potential
IREN just wrote off nearly half a billion dollars in Bitcoin mining hardware, and Wall Street is still trying to figure out what company emerged on the other side of that transformation.
24/7 Wall Street9/25/2026Positive
Neocloud Stocks Fall as Selling Extends After a Week of Research Notes: IREN Drops 4%, CoreWeave Slides 3%, Nebius Eases
Neocloud stocks, the specialized providers that build and run data centers packed with graphics processing units (GPUs) for artificial intelligence work, are under pressure, and IREN Limited (NASDAQ:IREN) stock is falling hardest. IREN shares are down 4% to $44.
24/7 Wall Street9/25/2026Negative
IREN's Energy Pipeline Optionality is Very Appealing So Should You Buy It?
IREN has locked up gigawatts of power, billion-dollar contracts with Microsoft and NVIDIA, and analyst targets well above its current price, yet losses are ballooning and the real revenue test has not arrived.
24/7 Wall Street9/22/2026Positive
IREN Broadens Its AI Customer Base: Can Diversification Pay Off?
IREN expands its AI Cloud customer base with new contracts, stronger pricing and a focus on reducing revenue concentration risk.
Zacks Investment Research9/22/2026Positive
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Data last updated: 10/7/2026