Shares of IREN rallied 7.3% to close at $44.68 on Friday, with trading volume reaching approximately 35.6 million units. The move followed two major announcements: a $2.4 billion private-credit facility and the company's fiscal Q4 2026 financial results.
IREN secured a $2.4 billion credit arrangement orchestrated by Blue Owl Capital, comprising a $1.2 billion senior term loan and $1.2 billion in senior secured notes. The 30-month facility carries an interest rate around 9% and will support deployment of air-cooled NVIDIA Blackwell Ultra GPU infrastructure at the company's Mackenzie location.
The company reported AI-cloud revenue of $128.8 million for the fiscal year ended June 30, representing a 687% year-over-year increase. Fourth-quarter AI-cloud revenue alone totaled $70.5 million, up 110% from the prior-year quarter. However, consolidated revenue declined 27% to $137.23 million as the company's traditional Bitcoin mining segment has shifted to secondary importance.
Management reports securing $2.8 billion in aggregate contract value with GPU capacity completely allocated through calendar year 2026. The company anticipates exceeding $4 billion in annual recurring revenue by year-end.
Wall Street consensus among 21 analysts sits at "Moderate Buy," with an average price target of $75.67, implying roughly 69% upside from Friday's close. Among tracked analysts, 15 assign Buy ratings, three recommend Hold, and two advise Sell.
The stock faces headwinds including a debt-to-equity ratio of 1.80, record net losses in the recent fiscal period, and financing expenses around 9%. IREN trades with a beta of 4.28, reflecting high volatility.
