JPMORGAN UPGRADES $IREN TO OVERWEIGHT, RAISES PT TO $65 FROM $46 JPM says IREN is emerging as a top-tier neocloud provider, helped by its NVIDIA partnership, stronger customer momentum and rising AI infrastructure pricing. The firm notes neocloud contract pricing has moved from roughly $10-$15/W to $15-$20/W+, while customer prepayments of 25%-50% are helping fund GPU purchases. IREN has also raised its year-end 2026 ARR target to as much as $4B, with roughly $1B of operating ARR today. JPMorgan highlighted IREN’s Microsoft buildout, recent deal with an unnamed frontier AI lab, and contracts with NVIDIA, Figure AI, Perplexity, Together AI, Fluidstack, Cohere and others. Looking into 2027, JPMorgan believes IREN’s planned ~0.5 GW expansion could command materially higher pricing than earlier contracts. Deals above $15/W would provide significant upside to its financial outlook. The main near-term risk cited is potential delays from Texas data center interconnection reviews, although IREN’s Sweetwater 1 and 2 projects were recently conditionally included in ERCOT’s Batch Zero process.