BTIG Remains Bullish on IREN Limited (IREN), Cites Its Strong Position in AI and Colocation Market

Core Viewpoint - IREN Limited (NASDAQ:IREN) is recognized as a promising investment in the blockchain and crypto mining sector, with a strong position in AI and colocation markets, supported by bullish analyst ratings and significant contracts with AI firms [1][2][3]. Group 1: Analyst Ratings and Market Position - BTIG has raised its price target for IREN Limited from $32 to $75, maintaining a "Buy" rating, reflecting confidence in the company's market position [2]. - The firm highlights the increasing demand for on-demand power from hyperscalers and AI-focused "neoclouds," positioning IREN to benefit from high-performance computing (HPC) colocation opportunities [3]. Group 2: Business Developments - IREN Limited announced multi-year cloud service contracts with AI firms for NVIDIA Blackwell GPU deployments, covering 11,000 of its 23,000 GPUs [4]. - These contracts are expected to enhance IREN's GPU footprint in British Columbia and Texas data centers, projecting AI Cloud revenue of $225 million by the end of 2025 [4]. Group 3: Company Overview - IREN Limited operates as a Bitcoin mining and AI data center company across North America, providing high-performance computing infrastructure and GPU-based cloud services to enterprises and institutional clients [5].