IREN shares are down 32.67% year to date after a sector-wide neocloud sell-off and infrastructure concerns, while the average target of 20 analysts is $77.81 against a price of $25.43. Fiscal Q4 revenue of $137.2M missed the $140.75M consensus and fell 26.8% year over year, and a $684M net loss included a $450.4M non-cash impairment on retired mining hardware. Management said $4 billion of ARR is contracted for 2026 capacity, with notable deals including a $9.7B Microsoft AI Cloud contract and a $3.4B NVIDIA AI Cloud contract. Analysts cite signed contracts, pricing above $20 million per megawatt of IT load, and about $14 billion of cash and committed financing as reasons no one rates the stock a sell. IREN still targets roughly $8 billion of additional GPU financing, and its debt-to-equity ratio is 1.87.
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