IREN Ltd shares rose 1.5% in pre-market trading on September 18, 2026. Northland Capital initiated coverage of the stock with an Outperform rating and a $99 price target. This bullish sentiment follows a recent double-upgrade from JPMorgan.
The company is transitioning its core business from Bitcoin mining to high-margin AI cloud services. A strategic partnership with Nvidia underscores this shift. IREN continues to expand its AI compute capacity to secure large-scale infrastructure contracts.