IREN (IREN), one of the largest self-operated bitcoin (BTC) miners in the U.S., is breaking away from the pack, and Wall Street is taking notice.

Bernstein analysts raised their price target on IREN to $75 from $20, implying about 80% upside, as the miner doubles down on building its own AI cloud business rather than relying on co-location deals with partners like CoreWeave (CRWV).

IREN has already had a major move, ahead more than eight-fold from its 52-week low of $5.13 hit in April. The shares are higher by 365% year-over-year.

The broker now sees IREN’s AI pivot as credible, despite early skepticism about the miner’s ability to execute on a capital-intensive data center build-out and compete with AI cloud players tied to hyperscalers and Nvidia (NVDA).

IREN is guiding for rapid gro

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