Bernstein has held a $100 twelve-month price target on IREN Ltd since May 2026, a level that sits 146% above the stock’s August 11 quote of $40.56, at 08:29:18 AM PT on August 11, up 4.70% from a prior close of $38.74, according to Google Finance.
Bernstein holds the $100 target
Gautam Chhugani of Bernstein maintained a Buy rating with a $100 target on July 30, 2026, per Google Finance’s analyst table. It is the highest figure on a board of 10 analysts.
The target has been in place since May 2026, when Bernstein raised it following IREN’s cloud agreement with NVIDIA. At IREN’s May 7 close of $56.85, the same number implied roughly 76% upside, Benzinga reported at the time.
Chhugani reiterated it on June 23 and again on July 7, his July 30 note was titled in part “The semis guys have your back” and cited contracts between AMD and Core Scientific, and a reported arrangement between Hut 8 and NVIDIA.
What $100 requires in arithmetic
From $40.56, a move to $100 is a gain of 146%. Google Finance’s forecast card states 145.10% upside on the figure, calculated against a $40.80 reference price rather than the $40.56 quote shown at the top of the same page.
The level also sits about 30% above IREN’s 52-week high of $76.87, per Robinhood market data. Of the 357.38 million shares outstanding reported in July, $100 a share corresponds to a market capitalization of nearly $35.7 billion.
The rest of the board sits well below
The average of the 10 targets is $77.89, per Google Finance. The lowest active target is $50, held by Michael Ng of Goldman Sachs, who maintained a Hold rating on July 20.
Between the extremes sit Joseph Vafi of Canaccord Genuity at $79 on July 21, Jonathan Petersen of Jefferies at $79 on June 18, and Paul Meeks of Freedom Capital Markets at $58, who upgraded to Buy on July 6. John Todaro of Needham maintained a Hold on July 21 without publishing a target. Mike Colonnese of H.C. Wainwright reiterated Buy at $90 on July 22.
Google’s ratings summary reports seven Buy, three Hold and zero Sell over the past three months. The analyst table on the same page lists two Sell ratings at $46, both dated May 11, 2026, from Richard Choe and Reginald Smith of J.P. Morgan.
Other aggregators publish different consensus figures for the same universe. TipRanks lists $75.18 across 12 analysts, MarketBeat $82.71, and Public.com $76.62 across 13 analysts as of August 10.
Cramer points callers to CoreWeave instead
Asked about IREN during the lightning round of the August 6 episode of Mad Money, Jim Cramer directed the caller to CoreWeave, Inc. (NASDAQ: CRWV), saying “CoreWeave is cheaper and better, okay?”, Yahoo Finance reported on August 11.
Cramer’s stated case for CoreWeave, made on July 6, rested on the company’s scale as a pure-play neocloud. He cited a backlog just under $100 billion at the end of the first quarter of 2026 and a revenue ramp running from just below $13 billion this year to just under $25 billion in 2027 and above $40 billion in 2028, adding that the stock traded below the level of NVIDIA’s last investment.
His reservation about IREN, expressed in December 2025, concerned the capital required to fund the buildout. He noted the company had issued close to 40 million shares at $41.12 alongside a $1 billion convertible bond to pay for data centre work, while acknowledging the Microsoft contract.
The backlog analysts are modelling
IREN signed $2.8 billion in new multi-year AI Cloud services contracts in July and raised its year-end 2026 annualised AI Cloud revenue target to more than $4 billion from $3.7 billion, saying about 85% of it was backed by signed contracts. A roughly $3.4 billion five-year cloud agreement with NVIDIA was signed in May 2026.
In its Q2 FY26 results filed with the SEC on February 5, IREN reported $3.6 billion in GPU financing secured for its Microsoft contract at an interest rate below 6% per annum, quarterly revenue of $184.7 million and a net loss of $155.4 million.
Meeks projected revenue rising from $717 million this year to $3.1 billion in FY27 and $8.5 billion in FY28, TheFly reported on July 6. IREN completed a $625 million acquisition of cloud infrastructure software firm Mirantis on August 4.
Where the IREN stock has traded since
Most of the board was published while the stock traded below every target on it. Simply Wall St put IREN at $40.85 on August 4, with a 90-day change of negative 33%.
The Crypto Times reported an 8% single-session decline to $31.05 on July 29, and an 8% gain to $39.75 on August 4. The stock closed at $41.23 on August 7 after trading between $37.30 and $41.30 on volume of 32.3 million shares, per the company’s investor page.
For the March quarter, IREN reported revenue of $144.8 million against a $219.87 million estimate and EPS of -$0.30 against a -$0.2161 estimate, per Investing.com’s earnings summary. Results for the June quarter had not been published as of writing.
Price targets are 12-month estimates produced by the issuing firms and are not forecasts by The Crypto Times.
Also Read: How to Buy IREN Stock: A Step-by-Step Guide for Beginners
