IREN Stock Plunged Last Week. Now Could Be a Good Time to Buy.

IREN shares dropped 15% last week after quarterly earnings missed expectations, creating a potential entry point for traders focused on the company's AI data center pivot. The stock decline followed weak headline results, but the underlying AI cloud business showed sequentially more than doubled revenue.

The company has secured nearly sold-out capacity through 2026, representing $4 billion in annualized revenue. Total revenue fell 5% as IREN exits cryptocurrency mining operations, masking the momentum in its higher-margin cloud computing segment. The capacity pre-sales through 2026 provide revenue visibility that supports the bull case despite near-term earnings volatility.

Analysts maintain bullish ratings with price targets implying upside potential exceeding 150% from current levels. The gap between last week's sell-off and Wall Street's forward projections suggests the market may be underweighting IREN's transition from commodity crypto mining to contracted AI infrastructure. The $4 billion revenue pipeline and near-full capacity utilization through 2026 anchor the growth narrative that analysts are pricing in.