Share this article
IREN Stock Could Soar Nearly 500% by 2028 on Microsoft AI Deal, Says Cantor
IREN has joined the ranks of large-scale "neocloud" providers, said analyst Brett Knoblach, adding credibility to the company’s ambitions to scale to $18.6 billion in annual revenue across its Texas and Canadian sites.
Nov 10, 2025, 2:49 p.m.
Make us preferred on Google
What to know:
- Cantor Fitzgerald projects that IREN shares could rise to $384 by 2028, up from their current price of $62.38.
- The firm believes IREN’s $9.7 billion deal with Microsoft positions it as a major player in the growing AI data center market.
- IREN raised its 2026 annual recurring revenue guidance to $3.4 billion, driven by expanding GPU capacity and cloud demand.
Shares of IREN, the bitcoin mining firm turned AI infrastructure player, are higher by more than 500% year-to-date, but that might just be a start, according to one Wall Street bull.
Following the company's third-quarter earnings report last week and its $9.7 billion, five-year deal with Microsoft to deliver 200 megawatts of AI compute at its Childress, Texas site, Cantor Fitzgerald's Brett Knoblach left his already bullish 2025 targets mostly in place, but said IREN could hit $384 by 2028 from the current $67.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
With that deal, wrote Knoblach in a Friday note, IREN joins the ranks of large-scale "neocloud" providers, adding credibility to the company’s ambitions to scale to $18.6 billion in annual revenue across its Texas and Canadian sites. The firm's updated 2026 annual recurring revenue guidance jumped from $500 million to $3.4 billion following the announcement.
On the recent earnings call, noted Knoblach, IREN highlighted its preference for cloud over colocation, noting stronger returns, upfront capital support from Microsoft, and long-term asset value. Even if the GPUs lose their usefulness after five years — a scenario he views as unlikely — the data centers themselves could still generate hundreds of millions per year under colocation contracts.
Knoblach sees Microsoft’s involvement as a key vote of confidence in IREN’s infrastructure. He also believes the architecture being built is "future-proofed" for upcoming GPU generations, with rack densities that could support NVIDIA’s Rubin chips or their successors.
While Knoblach trimmed his near-term price target to $136 from $142 due to weaker bitcoin mining revenues, he reiterated an “overweight” rating and called IREN a top pick.
Shares are 7.6% higher to $67.12 Monday alongside a general rally in stocks and crypto.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
More For You
Bitcoin holds near $68,000 as volatility cools, WLFI jumps ahead of Mar-a-Lago forum
Bitcoin trades in a tight range as derivatives stabilize and altcoins show pockets of strength ahead of key macro cues and a high-profile crypto event.
What to know:
- Bitcoin is up 0.9% on Wednesday to around $68,000, holding between $65,100 and $72,000 since Feb. 6 as volatility and funding rates cool.
- Open interest sits at $15.5 billion, funding rates are flat to slightly negative, and options skew has eased, signaling a more balanced market.
- The Trump-backed WLFI token has surged nearly 19% in 24 hours ahead of a Mar-a-Lago crypto forum, while MORPHO extends its weekly rally.
Top Stories
