IREN stock has surged 511.84% over the past year as the former Bitcoin miner transformed into an AI cloud infrastructure provider with $3.1 billion（約5000億円） in contracted revenue already locked in.

What happened

IREN closed at $59.96 on June 18, 2026, up 511.84% over the past year and 58.75% year to date. The company signed a five-year, $3.4 billion（約5400億円） AI Cloud contract with NVIDIA, a $9.7 billion（約1.6兆円） Microsoft AI Cloud deal, and a $1.6 billion（約2600億円） Dell agreement (signed May 26), plus acquired Spanish developer Ingenostrum on June 16, adding roughly 490 MW of European capacity.

What to watch

24/7 Wall St. has set a $114.86 price target, implying 91.55% upside with 90% confidence. However, analysts have flagged a potential $21 billion（約3.4兆円） funding gap to fully execute the global build-out, and customer concentration with Microsoft and NVIDIA poses a risk. Regulatory or grid-connection delays in Texas, Spain, or Australia could push projections lower.