Is IREN stock a buy right now?

Roth Capital Markets analyst Darren Aftahi reiterated his “Buy” rating and US $82.00 price target on IREN Limited (IREN Limited Stock Quote, Chart, News, Analysts, Financials NASDAQ:IREN) in an Oct. 21 update, saying proposed changes to British Columbia’s data-center interconnection process should have no impact on the company’s existing operations and may even strengthen its competitive position.

“British Columbia is seeking to make new interconnects a more competitive process starting in 2026, including bidding and tranche availability (300 MW for AI and 100 MW for other DCs every two years),” Aftahi said. “This includes a ban on new crypto mining and a focus on sovereign or local investment. IREN shares may have been weak on this news, but this applies only to new power, IREN’s ~180 MW is unaffected and could actually give IREN a leg-up on new entrants given tighter constraints and a competitive bidding process that favours sovereign projects.”

The new provincial framework would replace the existing first-come, first-served queue with a bid-based system that prioritizes data-center projects providing broader public benefit, such as local investment and job creation.

Existing interconnections are not affected, but new projects starting in 2026 will need to compete for limited allocations of power administered by BC Hydro, 300 MW for AI-focused centers and 100 MW for other data-center uses per two-year cycle. The plan also includes a ban on new crypto-mining projects.

Aftahi said the proposal is designed to protect residential customers and push data-center developers to assume more of the cost burden of grid expansion, a model similar to “take-or-pay” contracts in some U.S. jurisdictions.

“We expect no impact on existing IREN B.C. data centers or their ongoing HPC/AI conversion,” he said. “In fact, the legislation could be positive, given IREN’s first-mover advantage and secured capacity, while reducing competition for power from crypto miners.”

Based in Australia, IREN Limited operates institutional-grade, 100% renewable-powered data centers across North America, generating revenue through Bitcoin mining and AI Cloud hosting. The company currently runs more than 300 MW of energized capacity across the U.S. and Canada, with over 3 GW of long-term development potential.

Aftahi estimates that IREN should generate US$611.8-million in Adjusted EBITDA on revenue of US$1.09-billion in fiscal 2026, improving to US$1.82-billion on US$2.46-billion in 2027.

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