IREN (IREN) Stock Forecast: What Could Drive It in 2026
Short answer
What is actually driving IREN (IREN) right now is Owned, renewable-powered sites: IREN controls land, grid connections, and predominantly renewable power across Texas and British Columbia, with a power portfolio it describes as 5GW+. Quarterly revenue (fiscal Q3 2026) is ~$144.8 million total (~$111.2M mining, ~$33.6M AI cloud). If that keeps playing out, the setup is favourable; the risk to it is iREN still earns most of its revenue from bitcoin mining, so a lower bitcoin price, rising difficulty, or the post-halving economics can pressure results, as seen in a sharp sequential mining revenue decline. No one can predict where IREN trades, and Walnut does not publish targets, so treat this as a scenario, not a price target or prediction.
What could drive IREN (IREN) higher?
1. Owned, renewable-powered sites.
IREN controls land, grid connections, and predominantly renewable power across Texas and British Columbia, with a power portfolio it describes as 5GW+. Low-cost electricity and owned infrastructure are the scarce inputs for both bitcoin mining and AI compute. Bringing forward energization of its large West Texas substation expands the capacity it can monetize.
2. AI and HPC cloud pivot.
AI cloud revenue grew sharply on a sequential basis, reaching about $33.6 million in fiscal Q3 2026, as IREN rents NVIDIA GPUs for AI training and inference. A $3.4 billion five-year NVIDIA cloud contract anchors the buildout, and the company has pointed to billions of dollars of annual recurring revenue under contract as the mix shifts toward AI.
3. Self-funded growth from mining cash flow.
Bitcoin mining, while shrinking as a share of the business, still generates revenue and cash that can help fund the AI transition alongside outside financing. IREN exited fiscal Q3 2026 with roughly $2.6 billion of cash, giving it a buffer to fund GPU purchases and data center construction during the phased pivot.
4. Optionality on a large power pipeline.
Management has said its near-term AI targets use only about 10 percent of its multi-gigawatt power portfolio. That leaves substantial headroom to add AI capacity, additional contracts, or other compute demand over time without needing to secure entirely new sites, which is the hardest and slowest part of the buildout.
What could weigh on IREN?
IREN still earns most of its revenue from bitcoin mining, so a lower bitcoin price, rising difficulty, or the post-halving economics can pressure results, as seen in a sharp sequential mining revenue decline. The AI pivot is capital intensive and carries execution risk: deploying tens of thousands of GPUs, energizing substations, and converting mining halls on schedule are all hard, and delays or cost overruns would hurt. The company has reported large net losses driven partly by noncash impairments from decommissioning mining hardware, and funding the buildout may involve further debt or equity that can dilute holders. Competition for AI compute and power is intense, from other miners-turned-HPC operators and from much larger, better-capitalized cloud providers.
How to think about a IREN forecast
Rather than chasing a price target, it tends to help to weigh the drivers above against the risks, decide how long you are willing to hold, and size the position so a wrong call is survivable. A “forecast” is really a probability-weighted view of those drivers playing out, not a number.
For the full picture, see the IREN guide and whether IREN is a buy. In Walnut you can pressure-test the thesis against your real portfolio.
The bottom line on the IREN outlook
The bottom line: what is driving IREN (IREN) is Owned, renewable-powered sites, with quarterly revenue (fiscal q3 2026) at ~$144.8 million total (~$111.2M mining, ~$33.6M AI cloud). If that keeps playing out the setup is favourable; the risk is iREN still earns most of its revenue from bitcoin mining, so a lower bitcoin price, rising difficulty, or the post-halving economics can pressure results, as seen in a sharp sequential mining revenue decline. No one can predict the price, so treat any IREN forecast as a scenario, not a target or prediction, and decide from your own thesis and time horizon. Walnut is not an investment adviser.
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FAQ
What is the forecast for IREN (IREN)?
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No one can reliably predict where IREN will trade, and Walnut does not publish price targets. What is more useful is the setup: the drivers that could push IREN higher and the risks that could weigh on it. This page lays out both so you can form your own view. Not a recommendation.
What could drive IREN higher?
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The main growth drivers are Owned, renewable-powered sites; AI and HPC cloud pivot; Self-funded growth from mining cash flow. Whether they play out is the real question, not a guaranteed path.
What are the risks to IREN?
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IREN still earns most of its revenue from bitcoin mining, so a lower bitcoin price, rising difficulty, or the post-halving economics can pressure results, as seen in a sharp sequential mining revenue decline. The AI pivot is capital intensive and carries execution risk: deploying tens of thousands of GPUs, energizing substations, and converting mining halls on schedule are all hard, and delays or cost overruns would hurt. The company has reported large net losses driven partly by noncash impairments from decommissioning mining hardware, and funding the buildout may involve further debt or equity that can dilute holders. Competition for AI compute and power is intense, from other miners-turned-HPC operators and from much larger, better-capitalized cloud providers.
Will IREN stock go up in 2026?
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Nobody knows, and anyone who says they do is guessing. IREN's direction depends on whether the drivers above outweigh the risks, plus the broader market. Focus on the thesis and your time horizon rather than a single-year call.
Is IREN a buy?
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That depends on your thesis, time horizon, and what you already own, not on a forecast. See the IREN "is it a buy?" page for a framework. Walnut is not an investment adviser.
Walnut is informational, not investment advice. This page describes drivers and risks; it is not a price forecast, target, or recommendation. Markets are uncertain and past performance does not predict future results.