TLDR
- IREN shares dropped 7.7% to $35.71 on Thursday, extending a multi-day slide.
- Research firm SemiAnalysis flagged reliability issues at IREN’s British Columbia data centers, including multi-day power outages.
- The company’s fiscal Q4 2026 revenue fell 27% year-over-year to $137.23 million, with an adjusted net loss of $0.41 per share.
- Wall Street remains mostly bullish, with a Moderate Buy consensus and an average price target of $79.13, implying over 100% upside.
- IREN’s long-term growth story still hinges on its AI-cloud pivot, including Microsoft-related deployments and the planned Sweetwater hub.
IREN stock dropped 7.7% on Thursday, settling at $35.71 after dipping as low as $35.24 during the session. The stock had closed Wednesday at $38.69, so the losses have been piling up fast.
This marks the second straight down day for the crypto-miner-turned-AI-infrastructure company. Shares had already fallen 6.27% on Wednesday before Thursday’s bigger drop.
The catalyst was a round of posts from research firm SemiAnalysis. The firm said it uncovered reliability problems at IREN’s data centers in Prince George and Mackenzie, British Columbia.
According to SemiAnalysis, customers at those sites dealt with power outages that stretched across multiple days. The firm also cited ongoing network upgrade troubles at the same locations.
SemiAnalysis didn’t stop there. It called on IREN to drop language in a recent securities filing claiming the company owns and operates “managed cloud services” across its full stack.
Trading activity reflected the concern. Volume hit 54.3 million shares, up 28% from the average of 42.3 million shares.
A Weak Quarter Adds to the Pressure
The timing is tough for IREN. The data center report lands just weeks after a disappointing earnings release.
IREN’s fiscal Q4 2026 revenue came in at $137.23 million. That’s a 27% decline from the $187.3 million posted a year earlier.
Profitability took a hit too. The company swung to an adjusted net loss of $0.41 per share, a reversal from the $0.08 per share profit in the prior-year quarter.
Still, the broader AI pitch hasn’t changed. IREN continues to highlight its Microsoft-related infrastructure deals and the Sweetwater hub project, which is designed to eventually deliver up to 2 gigawatts of liquid-cooled capacity.
Analysts Split on the Road Ahead
Not everyone on Wall Street is backing away. The stock holds a Moderate Buy consensus, made up of one Strong Buy, sixteen Buys, four Holds, and one Sell rating.
The average price target sits at $79.13. That would require the stock to more than double from where it trades now, a gap that’s worth keeping an eye on if sentiment stays shaky.
BTIG’s Gregory Lewis is sticking with his Buy call. He points to IREN’s 5 gigawatts of potential power capacity and its four-year customer GPU contracts as reasons for confidence.
Jones Trading’s Kevin Dede sees it differently. His Hold rating reflects concern that IREN’s customer base, while broad, skews toward lower-quality accounts.
Big money hasn’t fled either. Situational Awareness LP boosted its position by 34.5% in the first quarter, and Bank of America grew its stake by 58.4% over the same stretch.
On the technical side, IREN’s 50-day moving average sits at $41.97, while the 200-day average is $45.76. Both now sit well above the current share price.
The stock carries a market cap of $14.07 billion and a debt-to-equity ratio of 1.80. Its beta of 4.26 points to sharp price swings in either direction.
As of Thursday afternoon, IREN had not issued a public response to the specific outage allegations raised by SemiAnalysis.
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