IREN Stock Jumps As Sweetwater AI Power Project Goes Live IREN Limited’s stock surged 11.91 percent following positive momentum tied to its expanding Bitcoin mining capacity and the activation of its Sweetwater 1 data center project. The 1.4 gigawatt (GW) facility in Texas, now connected to the ERCOT grid, marks a pivotal step in IREN’s broader 2GW campus plan. Analysts and traders are closely watching the project as it aligns with surging demand for AI infrastructure, positioning IREN as a key player in the renewable-powered data center space. The Sweetwater 1 site, which ties its high-voltage substation directly to the ERCOT grid, represents a tangible milestone for IREN’s vertically integrated AI cloud strategy. This approach combines large-scale data centers with GPU clusters in regions rich in renewable energy, such as the U.S. and Canada. The project’s phased rollout is expected to ramp up capacity as construction and commissioning progress, creating multiple opportunities for market re-evaluation of IREN’s valuation. Cantor Fitzgerald recently revised its price target for IREN from $82 to $61 but maintained an Overweight rating, citing strong long-term demand for AI infrastructure and a favorable supply-demand imbalance. The firm emphasized that while the Street is no longer pricing in speculative scenarios, IREN’s core position in the AI buildout remains robust. This adjustment reflects a shift toward more realistic expectations, with traders now focusing on execution and tangible progress rather than abstract growth narratives. IREN’s financials highlight its aggressive growth trajectory. The company’s revenue stands at approximately $501 million, yet the market assigns it a price-to-sales multiple of 35.7 and a price-to-earnings (P/E) ratio near 81.5.#iren_limited #cantor_fitzgerald #sweetwater_1 #ercot_grid #tim_sykes
