IREN stock gained 2.73 percent as AI growth meets heavy losses

Published on 10/05/2026 at 10:28 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

IREN stock closed at USD 41.76 on October 2 after a 2.73 percent gain. Fiscal 2026 revenue rose to USD 707.0 million despite a USD 702.6 million loss.

IREN, AU0000185993, Illustration mit AI erstellt.

IREN Limited (ISIN AU0000185993) closed at USD 41.76 on Nasdaq on October 2, 2026, up 2.73 percent from the previous session. The move came as investors weighed a USD 707.0 million fiscal 2026 revenue base against a USD 702.6 million net loss and a rapidly expanding AI cloud business.

Revenue grows as losses widen

IREN's fiscal year ended June 30, 2026, produced revenue of USD 707.0 million, up 41.1 percent from USD 501.0 million in fiscal 2025. Yahoo Finance reported that the result included a USD 702.6 million net loss, largely linked to USD 638.8 million in non-cash impairment charges tied to retired bitcoin-mining equipment.

The June quarter showed the transition more clearly. According to Yahoo Finance, quarterly revenue was USD 137.2 million, including USD 70.5 million from AI Cloud Services. AI cloud revenue therefore exceeded bitcoin-mining revenue of USD 66.7 million in the same quarter.

AI contracts raise the stakes

IREN entered fiscal 2027 with USD 4.0 billion of contracted annual recurring revenue for its 2026 capacity, including USD 1.0 billion already operating, according to the company's fiscal-year earnings call transcript carried by Yahoo Finance. The business is shifting from bitcoin mining toward AI infrastructure, but the scale of the planned buildout makes financing and execution central to the valuation.

That tension is visible in the stock data. IREN's market capitalization was USD 16.5 billion on October 2, 2026, while the 52-week range stood at USD 28.93 to USD 76.87. Volume reached 41,744,023 shares, showing that the 2.73 percent session gain came with substantial trading activity.

Consensus target sits above the stock

MarketBeat reported a Moderate Buy consensus on October 2, 2026, based on 22 analysts, with an average price target of USD 81.13. That target lies 94.3 percent above the USD 41.76 closing price, while the published analyst views included one Strong Buy, 16 Buys, four Holds and one Sell.

The individual views remain wide. Investing.com reported on September 14, 2026, that JPMorgan upgraded IREN from Underweight to Overweight and raised its price target from USD 46 to USD 65. The upgrade followed IREN's increase in its calendar-year 2026 annual recurring revenue target from USD 3.4 billion to USD 4.0 billion.

IREN stock closes at USD 41.76

IREN stock closed at USD 41.76 on Nasdaq on October 2, 2026, with a 52-week high of USD 76.87 and market capitalization of USD 16.5 billion. The figures leave investors balancing accelerating AI revenue against the company's large loss and capital requirements.