Analysts at Bernstein have set a price target of $100 for IREN following its announcement of a strategic partnership with NVIDIA, which includes a significant $3.4 billion AI cloud contract. This partnership not only grants NVIDIA managed GPU access for their AI workloads but also ensures IREN receives critical technological support and priority GPU supply as the industry transitions to next-generation platforms. The analysts highlighted that IREN is poised to enhance its competitive position with its 2GW Sweetwater flagship site, despite still needing to secure anchor clients. The firm is also making progress with its 200MW Horizon data center delivery for Microsoft, further solidifying its role in the expanding AI cloud market.

IREN: Iris Energy Limited (IREN) operates renewable-powered data centers focused on AI cloud services and high-performance computing, transitioning from bitcoin mining to vertically integrated GPU orchestration. In this news, IREN announced a long-term strategic partnership with NVIDIA that includes an AI cloud contract for NVIDIA’s internal workloads, securing technological backing and GPU supply for its Sweetwater flagship site.
NVIDIA: NVIDIA Corporation designs GPUs and AI computing platforms essential for data center deployments worldwide. The company partnered with IREN on a multi-year AI cloud deal to support its research and internal AI needs, while gaining an equity option to foster joint infrastructure expansion.
Bernstein: Bernstein is a premier global equity research and brokerage firm, formed as a joint venture between AllianceBernstein and Societe Generale, known for top-ranked investment analysis. Its analysts issued an ‘Outperform’ rating on IREN after the NVIDIA partnership, characterizing it as a key technological and capital alignment.
Gautam Chhugani: Gautam Chhugani is a senior digital asset analyst at Bernstein with strong coverage of technology and crypto sectors. He led the research note on IREN, noting the NVIDIA deal’s enhancement of the company’s competitive edge in AI data centers.

`json
{
“AI Partnership”: “NVIDIA gains strategic advantage from partnering with IREN, enhancing its AI capabilities at the 2GW Sweetwater site.”,
“Infrastructure Boost”: “The partnership provides IREN with NVIDIA’s support for cutting-edge AI factory architecture and reliable GPU supply during technology transitions.”,
“Vertical Integration”: “IREN’s acquisition of Mirantis expands its software capabilities, supporting its growth into a vertically integrated cloud operator.”
}
`