Bernstein Sets $100 Price Target for IREN Following $3.4 Billion NVIDIA AI Deal

According to Bernstein analysts led by Gautam Chhugani, the firm set a $100 price target for IREN on Friday following a strategic partnership with NVIDIA. The deal includes a $3.4 billion AI cloud contract and an equity option allowing NVIDIA to invest $2.1 billion at $70 per share. IREN shares closed at $56.85 on May 7, implying approximately 76% upside from Bernstein's target.

Bernstein noted that the partnership strengthens IREN's competitive positioning for its 2GW Sweetwater flagship data center, securing both technological backing and GPU supply confidence. The analysts also highlighted IREN's progress on a 200MW Horizon facility for Microsoft, with the first 50MW due in Q3, and the $625 million Mirantis acquisition enhancing software capabilities. Bernstein projects total AI cloud annual recurring revenue of $3.7 billion by end of 2026.