BTIG doubled its target price for IREN (IREN.US) to $75, optimistic about the opportunity in AI high-performance computing hosting.

According to assessment by hedge funds, IREN Limited (IREN.US) has been included in the list of "12 most promising blockchain and cryptocurrency mining stocks." Recently, BTIG raised IREN Limited's target price from $32 to $75, while maintaining a "buy" rating. In a comprehensive report on cryptocurrency mining stocks, BTIG believes that the growing demand for on-demand electricity from hyperscalers and "new cloud service providers focused on artificial intelligence" (neoclouds) creates favorable conditions for IREN to seize the opportunity in high-performance computing (HPC) hosting. Additionally, on October 7th, IREN Limited announced a multi-year cloud services contract with an artificial intelligence company, involving the deployment of NVIDIA Corporation's Blackwell series GPUs. These contracts will cover 11,000 of the company's 23,000 GPUs, expected to help IREN expand its GPU deployment in data centers in British Columbia (Canada) and Texas (USA), and aims to achieve $225 million in artificial intelligence cloud service revenue by the end of 2025. IREN Limited is a North America-based bitcoin mining and artificial intelligence data center company, primarily providing high-performance computing infrastructure and GPU-based cloud services to enterprise and institutional customers.