J.P. Morgan’s $IREN investment thesis & valuation: $65 price target
“IREN is well into its transition in becoming a top tier Neocloud provider serving hyperscalers, enterprises, and AI native companies.”
JPM’s main risks include deals signed on worse than expected terms, data center build + GPU costs higher than expected, and interest rates compressing financials.
J.P. Morgan’s BTM research report projects a 57 GW shortage from data center demand in 2030
Since 2023, 5-year forecasts for utility-grid load growth have increased ~7x from 24 GW to 166 GW