Iren Limited (NASDAQ:IREN) is one of the under-the-radar AI stocks to buy. On February 6, Cantor Fitzgerald cut Iren’s price target to $82 from $136 with an overweight rating. The company noted that the company’s Q2 2026 revenue and adjusted EBITDA declined quarter-on-quarter due to lower Bitcoin prices and a reduced operational hash rate, which was expected as the company transitions Bitcoin mining capacity to AI computing. The company saw the subsequent after-hours drop in the stock price as a buying opportunity.

In Q2, Iren Limited (NASDAQ: IREN ) reported revenue of $184.7 million, a 23% decrease from the previous quarter, driven by lower Bitcoin mining revenue and a reduction in operating hashrate. This decline was partially offset by AI cloud revenue growth following the commissioning of new GPUs at the Prince George site.

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The company is strategically shifting from Bitcoin mining to AI computing, aiming for an ARR (annualized rate of return) of $3.4 billion by the end of 2026. Iren currently has approximately $2.3 billion in ARR under contract, including a major $9.7 billion AI deal with Microsoft that is expected to ramp up over the year To support this growth, the company has expanded its secured power capacity to more than 4.5 gigawatts, including a new 1.6 gigawatt site in Oklahoma.

Iren Limited (NASDAQ:IREN) operates in the vertically integrated data center business in Australia and Canada. It owns and operates computer hardware, as well as electrical infrastructure and data centers.

While we recognize IREN’s potential as an investment, we believe some AI stocks offer greater upside potential and less downside risk. If you’re looking for an extremely undervalued AI stock that will also benefit significantly from Trump-era tariffs and the onshoring trend, check out our free report on the best short term AI stock.

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Disclosure: no. This article is originally published in Monkey Insider.