Macquarie has lifted its valuation outlook for Sydney-based, Nasdaq-listed data-centre and bitcoin miner Iren Ltd (NASDAQ:IREN), suggesting the company could be worth more than US$23 billion (A$35 billion).
The broker’s tech analysts raised their price target to US$86 a share from US$55. Iren’s stock hit a record US$70 this month as the miner pivots toward cloud computing and operating data centres, before easing to around US$52 amid broader caution over elevated valuations in emerging tech. A year ago, the shares were just over US$9.
As part of a sector review, Macquarie upgraded earnings forecasts for Iren, citing strong demand for its cloud services and multi-year deals with AI customers that now cover about half of its contracted fleet of 23,000 graphics processing units. “Successful execution still remains a key source of upside risk,” the analysts said.