Analyst revises Iris Energy (IREN) share price target.

After Donald Trump’s election victory, the cryptocurrency market has entered new territory: Bitcoin (BTC) exceeds the $90,000 mark for the first time. This bullish sentiment has fueled optimism for crypto-related stocks, particularly Iris Energy (NASDAQ: IREN), a sustainable Bitcoin mining company.

Iris Energy uses 100% renewable energy and has seen shares rise over 49% over the past month, reflecting growing investor confidence in its dual-focus strategy of Bitcoin mining and AI cloud services.

In the last trading session, IREN closed at $13.51, up 7% on the day and an impressive 98% year-to-date increase.

Expanding horizons: Bitcoin mining and AI services

Iris Energy’s dual focus on Bitcoin mining and AI cloud services has taken the company to new heights.

On the mining side, the company hit key milestones in October by mining 439 Bitcoin and increasing monthly revenue by 32% to $28.2 million.

Operating costs also improved significantly: Electricity costs per Bitcoin mined fell by 12%, largely due to efficiency improvements at the operations center in Childress.

The company’s mining capacity is poised for exponential growth, with plans to increase its operational hash rate from the current 21 EH/s to 31 EH/s by year-end and to an ambitious 50 EH/s by mid-2025.

In the area of ​​AI, Iris Energy uses its data center infrastructure to develop new revenue streams. The company is on track to generate $32 million in AI hardware profits annually by 2024.

With the upcoming deployment of 1,080 NVIDIA H200 GPUs and possible upgrades to next-generation Nvidia (NASDAQ: NVDA) Blackwell GPUs, Iris is poised to scale its AI cloud services, which currently consume less than 0.5% of its data center capacity .

Analysts increase price targets amid Bitcoin rally

Due to Bitcoin’s rise and Iris Energy’s operational progress, analysts have revised their price targets for Iris Energy.

Cantor Fitzgerald Iris Energy’s price target was raised to $23 from $20 and its Overweight rating was maintained. The company highlighted that despite its strong AI and HPC potential, Iris Energy has a lower enterprise value to hash rate ratio compared to other Bitcoin miners and expects the company to be the most cost-effective by the end of the year Miner will be in his reporting.

Canaccord Genuity analyst Joseph Vafi raised its price target from $15 to $17 and maintained a Buy rating. The company highlighted Iris Energy’s competitive electricity costs and favorable hash rate increase during Bitcoin’s rally to $90,000, marking a significant shift in its growth prospects.

HC Wainwright & Co. analyst Mike Colonnese also maintained a Strong Buy rating and increased its price target from $13 to $16, suggesting an upside potential of 18.43%. Meanwhile, Needham analyst John Todaro maintained his Hold rating on IREN.

These upgrades underscore growing confidence in Iris Energy’s dual focus on sustainable Bitcoin mining and powerful AI cloud services. This approach positions the company as a strong contender for long-term growth, driven by operational momentum, the ongoing Bitcoin rally and scalable AI capabilities.

Additionally, Iris Energy has hinted at possible distributions to shareholders through 2025, including the possibility of a Bitcoin dividend, further increasing investor interest.

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