Cantor Fitzgerald raised its price target on IREN to $100 from $49 as it forecasts a rapid ramp in AI Cloud Services alongside steady Bitcoin-mining cash flows and a high-probability Sweetwater colocation deal.
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Cantor projects that IREN will deploy 57,700 GPUs by June 2027 and drive AI Cloud Services revenue from a mid-FY26 ramp to more than $1.1 billion in FY27. To capture that growth, the firm applied a 12x multiple to IREN’s estimated $1.124 billion in AI Cloud Services revenue for the fiscal year ending June 2027 to value the segment at about $13.488 billion, or $49.60 per share.
For IREN’s Bitcoin-mining operations, Cantor used a 10x multiple on annualized cash profit, a $116,000 Bitcoin price, and a $50,000 all-in cost to compute an $18 per-share valuation.
On the Sweetwater Phase 1 colocation project in Texas, the firm assigns a 75% chance of securing a marquee tenant, projecting $1.4 billion of potential EBITDA at a 15x EV/EBITDA multiple, which translates to roughly $32.17 per share.
Summing these parts—the $49.60 AI cloud value, $18 mining value and $32.17 Sweetwater value—drives Cantor Fitzgerald’s sum-of-the-parts $100 target, implying around 44% upside from IREN’s closing price of $69.56 on Tuesday.
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At time of publication, IREN is up 5.8% during pre-market hours.
