Goldman Sachs keeps IREN at Neutral, cuts price target to $30

The former Bitcoin miner beat revenue estimates on AI cloud growth, but Goldman is watching financing and execution risk Goldman Sachs is staying on the fence about IREN Ltd. (NASDAQ: IREN), and it just lowered the fence. On November 6, 2026, the bank reaffirmed its Neutral rating on the former Bitcoin miner. It also cut its price target from $50 to $30. That is a 40% haircut on Goldman’s view of fair value, delivered right after a quarter in which IREN beat revenue expectations. Analyst Michael Ng framed the call as a two-sided bet. One side is strong growth in IREN’s artificial intelligence cloud business. The other is the risk that comes with financing and building very large data center projects. A strong quarter, a smaller target The rating followed IREN’s fiscal Q1 2027 earnings. The company reported revenue of $228 million, ahead of consensus estimates of $221–222 million. The headline number was AI cloud. That segment brought in $200 million in the quarter, up 182% from the prior quarter. Put plainly, AI cloud now makes up the large majority of IREN’s revenue. A company that once earned its living from mining Bitcoin now earns it by renting computing power to AI customers. ...