[JPMorgan Raises IREN Target Price to $28, Focuses on Financial Pressure from AI Transition]
JPMorgan analysts stated that IREN's $9.7 billion contract with Microsoft marks a significant step in its transition from Bitcoin mining to artificial intelligence infrastructure. They predict that rapid expansion could increase balance sheet pressure over the next year. In a report released Thursday, JPMorgan raised IREN's December 2026 target price from $24 to $28, citing strong momentum in its AI cloud business and validation from hyperscale partnerships. Analysts pointed out that IREN's expansion of GPU clusters and data center scale faces funding needs and equity dilution risks.