IREN Stock Hits Highest Levels In Nearly 7 Months – What’s Got Investors Buzzing?

• The project is on track to begin operations in 2028.
• IREN said the campus will benefit from submarine fiber links connecting it to key Asia-Pacific markets, including Singapore, Indonesia, South Korea, and Japan.
• Canaccord raised its price target to $79 from $70 and maintained a ‘Buy’ rating, according to The Fly.

Shares of Iren Ltd (IREN) climbed more than 4% on Wednesday, its highest level in nearly seven months as investors welcomed the company’s first data center project in Australia.

The AI Cloud provider signed a transmission connection agreement for an 800-megawatt data center campus in Bundey, South Australia. The project is one of the company’s largest data center developments announced in the Asia-Pacific region.

Project To Be Operational By 2028

The company expects the connection to support up to 800MW of capacity without requiring major network upgrades and is on track to begin energization in 2028. The site is located about 78 miles from Adelaide.

IREN said the campus will benefit from submarine fiber links connecting it to key Asia-Pacific markets, including Singapore, Indonesia, South Korea, and Japan. The project is expected to create more than 500 construction jobs and over 200 permanent skilled positions once operational.

Iren’s co-founder and co-CEO, Daniel Roberts, highlighted the rationale behind selecting the site in South Australia.

“South Australia offers what AI infrastructure at scale requires: abundant clean energy, the connectivity to serve the APAC region, and a State Government that understands the opportunity and is acting on it,” Roberts said.

Canaccord Raises Price Target On Fundraise For Microsoft Deal

Earlier this week, Iren closed a $3.65 billion investment-grade financing facility for GPUs, helping fund the infrastructure needed to fulfill its AI cloud agreement with Microsoft.

This prompted Canaccord to raise its price target to $79 from $70 and maintain a ‘Buy’ rating, according to The Fly on Wednesday. This represents a potential upside of nearly 19%.

IREN Bulls Eye Breakout

Despite the pre-market boost, retail sentiment on IREN turned ‘neutral’ from ‘bullish’ a day earlier.

One user expects the stock to finally break past a key resistance level.

Another user saw the $75.75–$76.85 as the next major resistance level, which is also the stock’s all-time high.

The stock has gained nearly 70% so far in 2026.

Read also: GME Stock Has Been Consolidating Between $20.2 And $26.9 This Year – Here’s What Retail Expects After Q1 Earnings Beat, Buyback

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