IREN Stock Could Soar Nearly 500% by 2028 on Microsoft AI Deal, Says Cantor
Cantor Fitzgerald's Brett Knoblach predicts IREN stock could reach $384 by 2028 following a major AI infrastructure deal with Microsoft.Summary
Following IREN's five-year, $9.7 billion deal with Microsoft to supply 200 megawatts of AI compute at its Texas site, Cantor Fitzgerald analyst Brett Knoblach believes the bitcoin mining firm, now an AI infrastructure player, could see its stock soar to $384 by 2028 from its current $67 level. Knoblach views IREN as joining the ranks of large-scale "neocloud" providers, lending credibility to its ambition of reaching $18.6 billion in annual revenue across its Texas and Canadian operations. The deal also caused IREN's 2026 annual recurring revenue guidance to jump from $500 million to $3.4 billion. Knoblach highlighted IREN's preference for cloud infrastructure over colocation due to stronger returns and Microsoft's upfront capital support, noting the architecture is "future-proofed" for next-generation GPUs. Despite trimming a near-term price target due to weaker bitcoin mining revenues, Knoblach maintained an "overweight" rating on IREN.
(Source：CoinDesk)