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The $3.4 Billion Reason Nvidia Drove IREN Stock Higher Today

By: Barchart.com

May 08, 2026 at 17:16 PM EDT

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

Iren Limited (IREN) stock closed meaningfully higher on Friday after the data center operator announced a transformative $3.4 billion artificial intelligence (AI) cloud infrastructure partnership with Nvidia (NVDA).

Following this rally, IREN sits handily above its key moving averages (MAs), with an RSI in the late 60s indicating intense buying pressure.

More Top Stocks Daily: Go behind Wall Street’s hottest headlines with Barchart’s Active Investor newsletter.

Versus their year-to-date low in late March, IREN shares are now up a whopping 90%.

Does the Nvidia Deal Warrant Buying IREN Stock

IREN has signed a five-year agreement that grants Nvidia access to its cloud services — a deal that is expected to generate $3.4 billion in revenue.

Meanwhile, the AI darling has agreed to take a direct stake in IREN’s success by investing up to $2.1 billion through an option to purchase 30 million of its shares at $70 each.

That price target represents a more than 20% premium on IREN shares’ previous close.

A vote of confidence from the world’s most valuable chipmaker validates IREN’s pivot from a Bitcoin (BTCUSD) miner to a premier AI data center play.

By combining Nvidia’s Blackwell architecture with IREN’s massive power pipeline, the duo aims to deploy 5 gigawatts of foundational artificial intelligence infrastructure.

Analyst Raises Price Target on IREN Shares

The Nvidia news made Cantor Fitzgerald analyst Brett Knoblauch reiterate his “Overweight” rating on IREN stock and raise the price target to $77, indicating potential upside of another 25% from here.

Beyond the new partnership, Knoblauch highlighted the company’s recent acquisition of 490 megawatts of capacity in Spain and its path to having 1.2 gigawatts commissioned by late 2027 for his bullish view.

In his research note, the Cantor Fitzgerald analyst argued IREN remains significantly undervalued relative to its 171% revenue growth and its positioning as a top-tier picks-and-shovels play for the AI revolution.

And the derivatives market seems to agree. The upper price on options contracts expiring Aug. 21 sits at $83 currently, reinforcing that there may still be time to build a position in IREN.

Wall Street Remains Bullish on IREN

Other Wall Street analysts are in the same league as Brett Knoblauch on IREN shares.

The consensus rating on the Nasdaq-listed firm sits at “Moderate Buy” currently, with price targets as high as $105.

On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

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Symbol	Price	Change (%)
AMZN	267.22	-2.91 (-1.08%)
AAPL	298.21	-0.66 (-0.22%)
AMD	449.70	+4.20 (0.94%)
BAC	49.85	+0.01 (0.02%)
GOOG	397.17	-1.87 (-0.47%)
META	618.43	+1.80 (0.29%)
MSFT	409.43	+4.22 (1.04%)
NVDA	235.74	+9.91 (4.39%)
ORCL	195.61	+5.85 (3.08%)
TSLA	443.30	-1.97 (-0.44%)