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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid a significant shift in the digital mining sector, IREN shares rose 3.18% to close at $59.96. This performance reflects growing investor confidence in the company's pivot toward building AI infrastructure as an alternative to traditional Bitcoin mining. The market views this model as more sustainable and scalable due to its reliance on contract-driven revenue compared to the inherent volatility of the cryptocurrency market.
The stock's gain was bolstered by a recent report from Jefferies, which initiated coverage with a $79 price target, citing IREN's potential to generate $3.1 billion in annual recurring revenue (per market data on June 18, 2026). This strategic move places IREN in direct competition with peers like Core Scientific and TeraWulf, which have also begun reallocating power capacity toward high-performance computing (HPC) hosting. Furthermore, IREN strengthened its position through the acquisition of Mirantis in May to expand its cloud service offerings.
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Sign InRegarding price levels, IREN stood at $59.96 (close of June 18, 2026), marking an 18.33% increase over the past week according to trading data. Investors are now looking forward to the next quarterly earnings results expected in late August 2026 for updates on AI cloud contracts with partners such as Nvidia and Microsoft. The focus will remain on the company's ability to convert its 6 GW power pipeline into stable cash flows.