This Crypto and AI Stock Just Got a Massive New Street-High Price Target That Implies Shares Could Double in the Next Year

Core Insights - IREN Limited is transitioning from a crypto mining company to a significant player in AI infrastructure, with a notable price target increase from Roth/MKM from $35 to $82, indicating potential for nearly double the stock price [1][2] - The company's market capitalization stands at $13.72 billion, and it operates data centers powered by 100% renewable energy across multiple countries [3] Stock Performance - IREN stock has surged by 473% year-to-date, reflecting the market's positive reception of its AI infrastructure focus and GPU expansion [4] - The stock reached a 52-week high of $44.25 on September 23, following announcements of increased GPU purchases and AI cloud capacity, and has continued to rise, hitting $52.19 on October 3 [5] Valuation Metrics - Currently, IREN stock is trading at 66.85 times forward earnings, which is considered a premium valuation compared to the sector median [6] Expansion Plans - IREN has announced a significant expansion of its AI cloud infrastructure, acquiring an additional 12,400 GPUs for approximately $674 million, effectively doubling its GPU fleet to around 23,000 [7] - This expansion aims to achieve an annualized AI cloud run rate exceeding $500 million by the first quarter of fiscal 2026 [7]