B. Riley Lifts IREN Limited Target to $83 After $3.6B GPU Financing and 1.6GW Expansion
B. Riley lifted its price target from $74 to $83 after IREN reported Q2 adjusted EBITDA of $75.3 million, unveiled 1.6GW of new capacity in Texas and Oklahoma, and secured $3.6 billion in GPU financing. Two firms cut targets to $70 and $82 over hash rate concerns, AI pivot.
1. Analyst Price Target Changes
B. Riley raised its price target from $74 to $83 and maintained its buy rating; Macquarie reduced its objective to $70 with an outperform stance; Cantor Fitzgerald trimmed its target from $136 to $82 and kept an overweight rating, citing AI pivot and falling hash rates.
2. Second Quarter Financials
IREN reported adjusted EBITDA of $75.3 million for Q2, below both internal expectations and sector averages, reflecting near-term headwinds from lower Bitcoin prices and computational demand shifts.
3. Capacity Expansion and GPU Financing
The company expanded Sweetwater 1 and 2 facilities in Texas, added 1.6 gigawatts at a new Oklahoma campus, and secured $3.6 billion in GPU financing to support its AI computation transition.
4. Growth Outlook
Management projects reaching a $3.4 billion annualized run-rate revenue by the end of 2026, driven by capacity additions at Horizon 1-4 sites and new British Columbia locations.