IREN: $4 Billion Of Contracted ARR Changes The Story

The Curious Analyst 5.3K Followers Follow Summary I am reiterating my Strong Buy rating on IREN Limited and raising my price target to $52 per share following Q4 2026 results. IREN's entire $4 billion 2026 ARR target is now contracted, with demand risk shifting to execution and delivery of Horizon 2–4 capacity. Recent contract economics have improved, with 3-year deals above $20 million per IT MW and a broader AI customer base supporting higher monetization. While capex and dilution risks remain, IREN's improved financing, contracted demand, and rising revenue per MW justify a higher valuation and target. IREN trades at approximately 7.77x FWD EV/EBITDA vs. a sector median of 14.65x, while my valuation uses only a 10x multiple on $2.2 billion of normalized FWD adjusted EBITDA, giving me a $52 price target. VisualAviation/iStock via Getty Images Investment Thesis I am reiterating my Strong Buy rating on IREN Limited ( IREN ) and increasing my price target from $49 to $52 per share after its recent Q4 2026 earnings results . My first This article was written by The Curious Analyst 5.3K Followers Follow My background is in Financial Engineering and I have long since been interested in analyzing strong solid companies with a rare financial Profile. My primary area of specialization is in quantamental analysis, where I use a combination of data driven models and fundamental research. My approach is centered on a structured process that combines top-down screening with bottom-up company specific analysis .I write on to share ideas with a wider audience and also learn more about companies and other analysts. My goal is to make unique ideas & research accessible to retail and professional investors alike, while maintaining analytical depth and a clear investment thesis.Associated with another author Kennedy Njagi Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in IREN over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.