IREN Ltd (IREN)
NASDAQFinancialsSoftware - ServicesSnapshot 2026-11-04
$21.71-11.24%
Close 2026-11-04 · 1-day change
NASDAQFinancialsSoftware - ServicesSnapshot 2026-11-04
Research Workspace
Put IREN beside peers and holdings, graph the same metric, and keep your notes with the evidence.
Daily closes. Earnings/event dots are placed inline.
Industries move in repeating boom-and-bust cycles. This shows where this stock’s industry sits in that cycle, stage by stage (recovery → expansion → supercycle → steady → deceleration → contraction), from its fundamentals (orders, revenue, capital spending), not the stock’s price.
A booming industry is a tailwind for the names in it; a contracting one is a headwind. Companies in the same industry tend to rise and fall together with the cycle, the way a tide lifts and lowers every boat in the harbor at once, so a large part of a stock’s swing can come from where its industry sits rather than from the company itself. It’s context for reading the company’s results, not a buy/sell call. Full explanation →
Investment Banking & Brokerage is in expansion. Describes the industry's cycle state, not a call on this stock.
The stage band shows the industry’s cycle over the chart’s timeline (each color a stage); a ▼ marks a quarter its growth inflected down — amber is an unconfirmed watch, red is confirmed the next quarter. Use “Overlay cycle on chart” to tint the price chart by stage. The industry’s fundamentals, not a signal on this stock.
Management is running behind on a stated commitment.
View ThesisRanks in the weakest quality tier of its industry — roughly the bottom 9%, softest on free-cash-flow yield.
View QualityManagement screens weak.
View ManagementThis stock is highly volatile — it swings about 4% on a typical day and fell roughly 72% in its worst 12-month stretch.
View RiskIREN's AI cloud expansion has to keep compounding to justify the price. Revenue grew 41% year over year in the latest period. The company raised $363 million to fund this growth. It trades at 10x sales versus a 2x peer median. The price is roughly in line with the growth we forecast. Management is running behind on a stated commitment. Peer multiples imply a price about 56% above where it trades. Our read remains intact. This read is provisional.
Trailing returns as of 2026-11-04. IREN is total return (includes dividends); the S&P 500 benchmark is price return (the index excludes dividends).
Based on 20 analysts currently covering IREN (as of Nov 2026).
Based on 6 Wall Street analysts offering 12-month price targets for IREN in the last 4 months.
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| Compare | Company | Living FV | P/E | Revenue % | Quality |
|---|---|---|---|---|---|
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| Holding Compare a holding | Graph | Compare | Trend | Review |
Selected metric trend
Quarterly · checked companies · value or % of revenue
A consensus fair price across 3 valuation methods, at three horizons. As of 2026-11-04. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
Today's peer multiple on trailing earnings, with no growth credited. This is the headline read.
Adds projected growth, so it leans optimistic by design. Read it as upside context, not a base case.
A price-focused, side-by-side fair-value read versus Investment Banking & Brokerage — fair value, gap to price, and forward P/E.
Compare the value case
Put IREN next to peers and holdings, compare Living FV and multiples, then graph the driver behind the difference.
Threatens: Target $4 billion AI Cloud annualized run-rate revenue by end 2026
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
End-of-day figures as of 2026-11-04. EPS is implied from price ÷ P/E. Not investment advice.
Current $21.71
The last 12 months of price, then the range of analyst 12-month targets from today’s $21.71.
Analyst ratings and price targets are third-party Wall Street estimates, not QuarterlyIQ’s view. Not investment advice.
A long-thesis check that carries the widest uncertainty of the three horizons.
TTM earnings are negative. P/E-based methods drop out and the estimate leans on sales- and cash-flow-based methods. A data condition, not a forward call.
Reported link to Microsoft delay threatens revenue run-rate.
Advances: Execute capital-efficient GPU and data center financing
GPU-backed borrowing funds AI expansion, advancing capacity plans while remaining relevant to financing efficiency.
Advances: Secure diversified AI Cloud customer contracts and partnerships
Anthropic deal secures diversified AI Cloud customer contracts.
Advances: Target $4 billion AI Cloud annualized run-rate revenue by end 2026
5% jump indicates positive market sentiment on AI Cloud growth.
Infrastructure concerns may hinder growth objectives.
Threatens: Secure diversified AI Cloud customer contracts and partnerships
Customer concerns may hinder securing diversified contracts.
Advances: Secure diversified AI Cloud customer contracts and partnerships
Secures significant funding and partnership with Microsoft.
Threatens: Target $4 billion AI Cloud annualized run-rate revenue by end 2026
Build out risks could hinder AI Cloud revenue targets.
