Goldman Sachs lowered its price target for IREN Ltd. (NASDAQ: IREN) to $30 from $50 on Friday, Nov. 6, while keeping a Neutral rating after the company’s AI cloud business helped lift quarterly revenue above estimates.
IREN posted $228 million in fiscal first-quarter 2027 revenue, compared with consensus estimates ranging from $221 million to $222 million. Its AI cloud segment generated $200 million, up 182% from the previous quarter, and accounted for most of the company’s revenue. IREN is expanding from Bitcoin (BTC) mining into AI cloud and data-center services.
The company’s disclosed revenue backlog reached $20.3 billion, a 22% increase from the prior quarter. Roughly two-thirds of the backlog is tied to investment-grade counterparties. IREN is preparing about $15 billion in additional capital spending to expand data-center capacity and has a $1.6 billion equipment deal with Dell covering Nvidia Blackwell systems.
Some portions of IREN’s five-year Microsoft project, valued at about $9.7 billion, have moved into early 2027 after Microsoft requested network modifications. IREN announced the contract in November 2025.
Enna Lee
Enna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to [email protected].
