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FollowingKey Highlights
Texas Power Grid announcement boosts industry confidence, Texas hub development makes progress
JPMorgan adjusted IREN's rating to "overweight" and raised its target price from US$46 to US$65 based on the company's cooperation with Nvidia and the expansion of new cloud infrastructure.
The Texas Electric Reliability Commission (ERCOT) announced that it has allocated more than 5 gigawatts of conditional power credits for artificial intelligence infrastructure.
The Sweetwater hub in Texas has a capacity of 2 gigawatts and received conditional base load recognition in the first batch of ERCOT allocations.
In fiscal year 2026, AI cloud service revenue surged to US$128.8 million, a significant increase from US$16.4 million in the previous fiscal year.
The company's net loss for fiscal year 2026 was US$702.6 million, of which US$638.8 million was mainly due to non-cash impairment.
IREN shares rose about 4% to close at $43.22 during Wednesday's trading session, driven by a change in JPMorgan's analyst rating and a major development in Texas power grid regulator ERCOT.
Detailed analysis
IREN Limited (IREN)
Earlier this week, JPMorgan Chase's Reginald Smith upgraded IREN's rating to "overweight" from "underweight" and raised its target price to US$65 from the previous US$46. Smith emphasized that the company's transformation into a new cloud infrastructure provider and its strategic alliance with Nvidia are the main catalysts for this optimistic outlook.
此外，BTIG 的 Gregory Lewis 在本周早些时候维持了对 IREN 的“买入”评级，并设定了雄心勃勃的 80 美元目标价，这为周三交易时段的走势提供了额外动力。
股价在盘中一度攀升至 43.92 美元的高点，随后回落，此前周二收盘价为 41.58 美元。成交量约为 3300 万股，低于日均交易量约 4270 万股的水平。
德州电网公告提振行业信心
德州电力可靠性委员会（ERCOT）公布了超过 50 亿瓦特的有条件电力分配额度，专门用于人工智能基础设施项目。这一公告为数字基础设施领域的多家企业带来了积极影响。
Cipher Mining (CIFR) 和 Core Scientific (CORZ) 的股票同样在周三上涨，市场参与者认识到，为这些数据中心运营商获取大量电力资源具有战略重要性。
鉴于这些设施对电力的需求远高于传统计算基础设施，获得可靠的巨大电力容量对于转向以人工智能为重点的数据中心运营的企业来说是一个基本需求。
德州枢纽开发取得进展
IREN 位于德州的 Sweetwater 枢纽设施拥有 20 亿瓦特的电力容量，通过 ERCOT 于 9 月 8 日公布的初始零批次分配流程，获得了有条件的基础负荷分类。
该设施由两部分组成：Sweetwater 1 容量为 14 亿瓦特，Sweetwater 2 容量为 6 亿瓦特。这些安装项目代表了 IREN 综合的 50 亿瓦特国际数据中心开发管道的一部分。
公司已在 Sweetwater 1 地点启动了高压变电站。目前，该地点正在建设总容量为 3 亿瓦特的大数据中心基础设施，预计将于 2027 年第四季度完工。
需要注意的是，ERCOT 的容量指定仍是临时性的，需要额外的监管批准。
在财务方面，2026 财年 AI 云服务产生的收入大幅扩张至 1.288 亿美元，而上一财年仅为 1640 万美元。公司还将 2026 年的年度经常性收入预测从之前的 34 亿美元提高到了 40 亿美元。
这种显著的收入扩张伴随着巨大的成本。公司在 2026 财年报告净亏损为 7.026 亿美元，其中包括 6.388 亿美元的资产减值，主要与逐步淘汰过时的比特币挖矿硬件有关。
IREN 的贝塔系数为 4.28，使其成为其板块中波动性较高的证券之一。该公司的债务股本比为 1.80，市值接近 167.9 亿美元。
从图表角度来看，IREN 位于其 20 日和 50 日均线之上，但仍在 100 日和 200 日均线之下交易。相对强弱指数（RSI）为 53.50，表明动能中性。技术阻力位出现在 49 美元附近，支撑位在 35 美元左右。
Wall Street's overall sentiment for the stock is a "moderate buy", with a consensus price target of $82.93. Bernstein maintains the most optimistic price target of $100 on the street.
Institutional investors hold 41% of outstanding shares, with Bank of America increasing its stake by 58.4% in the first quarter and Situational Awareness LP increasing its position by 34.5%.
