The Nasdaq-listed IREN stock surged 5.18% on Thursday, closing the day’s trade at $41.65. On Wednesday’s trading session, the renewable energy firm had risen 7.6%. It printed two consecutive home runs this week with more than double-digit gains since Monday. The development is making investors jump on the bandwagon to make the most of the rally. The equity is also trading below $50, making it affordable for retail investors to trade.
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Why Did the Asset Rise Sharply This Week?
IREN stock skyrocketed in value after the company reported $1 billion in annual recurring revenue (ARR). The main catalyst came after it targeted $4 billion by the end of this year. The $3 billion gap is due to commissioning, testing, and customer acceptance, which should be closed by December 31, 2026. While the existing business has already crossed the $1 billion milestone, the subsequent closure is what’s driving the prices up. The company is also slowly moving away from its traditional business of Bitcoin mining, which has already fallen by 40%.
How High Can IREN Stock Rise Next?
Gautam Chhugani, the Managing Director at Bernstein, is the only Wall Street analyst to go fully bullish on IREN stock. He maintained a buy rating on the equity and wrote in a note to clients on Thursday (September 3, 2026) that IREN could reach a price target of $100 next. That’s an uptick and return on investment (ROI) of approximately 145% from its current price of $41.
It also marks a profit of more than $100 per share if traders take an entry position today. An investment of $1,000 in IREN stock could turn into $2,450 if the price prediction turns out to be accurate. The analyst wrote that IREN’s aggressive, highly profitable transition from a Bitcoin miner into a hyperscale AI cloud infrastructure provider makes it a heavyweight in the AI data center circles. He called IREN a premier “neocloud” representing the physical layer of the AI boom.