IREN Stock Drops Below Key Support as AI Pivot Faces Major Headwinds
Key takeaways
- IREN’s stock is under pressure as its AI pivot faces cost and competitive headwinds, with technical signals pointing to further downside.
- Stock price $26.90
- Market cap $10.9 billion
- All‑time high drop 65%
What happened
IREN (NASDAQ: IREN) fell to $26.90, its lowest level since September 9, 2025, after a 65% drop from its all‑time high. The company’s market cap fell from over $24 billion to $10.9 billion. IREN’s pivot from Bitcoin mining to building AI data centers has hit major headwinds, including rising deployment costs, competitive pressure from SpaceX and Riot Platforms, and expected GPU impairments. Technical analysis shows the stock has broken key support at $28.77 and formed a death cross, suggesting…
Why it matters
The decline signals that investors are questioning IREN’s ability to successfully transition to the AI data center market. With debt rising to $7.4 billion and shares doubling to 380 million, the company’s balance sheet is under strain. A continued slide could erode confidence in neocloud ventures and affect other…
Short-term and longer-term
Short-term. Over the next few days, IREN’s price could test the $28.77 support again.
Longer-term. For investors, the key concern is whether IREN can sustain its debt‑heavy expansion while competing with larger players.