Canaccord Boosts IREN Target Price to $70 Following Microsoft Contract

2025-11-10 17:31

Bitcoin miner IREN has secured a $9.7 billion contract with Microsoft to provide GPU cloud services over five years, marking its entry into the AI infrastructure sector. This significant deal includes a 20% upfront payment from Microsoft and is expected to yield a 32% return. IREN will supply Nvidia GB300 GPUs from its Texas Horizon data center. In response to this development, Canaccord has raised its target price for IREN from $42 to $70, reflecting the anticipated growth and profitability from this strategic partnership.

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