Canaccord reiterated a buy on IREN and raised its price target to $70 (from $42) after IREN signed a five-year, $9.7 billion GPU cloud contract with Microsoft. The deal includes a 20% prepayment, a projected 32% levered IRR, and has IREN supplying Nvidia GB300 GPUs from its Horizon Texas data centers, funding roughly half of the $3 billion Horizon buildout. Canaccord called the contract a pivot from bitcoin mining toward AI infrastructure, flagged the two-gigawatt Sweetwater 1 site (online 2026) as the next catalyst and raised its Sweetwater valuation to $32 per share. IREN reported $240.3 million in revenue (up 355% YoY); shares closed at $62.38 (down 6.8%). Analysts noted chip and power risks but said Microsoft’s upfront payment and credit backing reduce uncertainty.

The story provides concrete, market-moving facts: a signed five-year, $9.7B GPU cloud contract with Microsoft; a 20% prepayment and a projected 32% levered IRR; IREN supplying Nvidia GB300 GPUs and funding roughly half of a $3B Horizon buildout. Canaccord raised its price target and reframed IREN’s business from bitcoin mining to AI infrastructure, identified Sweetwater 1 (2 GW, online 2026) as the next catalyst, and noted revenue of $240.3M (up 355% YoY). Analysts cited chip and power risks but highlighted Microsoft’s upfront payment and credit backing as reducing uncertainty.