IREN은 마이크로소프트의 계약 지연 이후 애널리스트들의 목표주가 하향이 이어지며 10% 하락했고, Cipher Digital은 6%, TeraWulf는 2% 떨어졌다.

Wall Street keeps cutting its expectations for IREN (NASDAQ:IREN), and the selling hasn't let up. IREN stock was at $19.34 in afternoon trading, down 10%. Over the past month, the stock is down 45%.

A run of price-target cuts followed IREN's November 5 report for Q1 FY2027. The report pushed back the timeline for capacity the company is building for Microsoft (NASDAQ:MSFT) and showed a large funding gap. Other crypto miners that have turned into AI data center operators also fell on a risk-off day after October inflation data came in above forecasts.

### Analyst Target Cuts Pile Up on IREN

Goldman Sachs cut its IREN price target to $30 from $50 and kept a Neutral rating on November 7. JPMorgan analyst Richard Choe lowered his target to $55 from $65 on November 9 and kept an Overweight rating. Cantor Fitzgerald also cut its target to $47 from $99 on November 9 as the Microsoft deployment slipped.

Selling in IREN has built over several days, and the latest leg adds to that pressure as investors pull back from growth stocks more broadly. October consumer price index (CPI) data came in hotter than economists expected, raising the odds of tighter monetary policy and weighing on capital-hungry companies that depend on financing. Bitcoin (CRYPTO:BTC) was down 2% over the past 24 hours to approximately $73,200, a weak backdrop for miners that still run legacy mining fleets.

### Inside IREN's Delayed Microsoft Timeline and Funding Gap

IREN's Q1 revenue of $228 million topped the $221.71 million consensus estimate, driven by $200 million in AI Cloud revenue. The bottom line was weaker than expected. The loss per share of $0.62 was wider than the $0.49 estimate, and the net loss under generally accepted accounting principles (GAAP) reached $263 million.

The report also shifted IREN's revenue target. The more than $4 billion of annualized run-rate revenue moved from year-end to January, with a possible slip to the end of February. On the November 5 call, co-CEO Daniel Roberts blamed a Microsoft-requested network upgrade and supplier timing.

Of IREN's planned $15 billion in remaining FY2027 capital expenditures, $6 billion still needs funding. Net debt rose to $4.43 billion from $216 million. Roberts acknowledged the harder backdrop: "Capital markets have become more selective in the last few weeks."

### Cipher Digital and TeraWulf Slide Less Than IREN

Cipher Digital (NASDAQ:CIFR) was at $6.39, down 6%, a smaller drop than IREN's. In its Q3 2026 report on November 2, the company reported revenue of $26.70 million, missing the $37.49 million consensus estimate. That quarter also brought its first high-performance computing (HPC) lease revenue. The stock is falling with the rest of the group as rate worries hit names that depend on financing.

TeraWulf (NASDAQ:WULF) was at $12.12, down 2%, the smallest decline of the three. Citi cut its TeraWulf price target to $24 from $31 on November 10 and kept a Buy rating. TeraWulf's Q3 2026 report on November 6 showed a revenue beat, with $76.23 million topping the $63.34 million consensus.

### How IREN's AI Cloud Model Differs From Its Peers

IREN owns the land, power and data centers behind its business. It also runs an AI Cloud operation that rents graphics processing unit (GPU) capacity directly to Microsoft and frontier AI labs. That vertical integration gives IREN more control over its growth, but it also puts the cost of the chips and their financing on the company's balance sheet. The power, cooling and networking suppliers feeding this data-center expansion are a separate trade, and we rounded up seven of them in a free report.

Cipher Digital takes the opposite approach as a long-term colocation landlord whose tenants install their own equipment. CEO Tyler Page spoke on the company's November 2 call: "Lenders and investors are placing a premium on predictable, contracted cash flows, and that is exactly what our model is designed to produce." TeraWulf follows a similar leasing path. The company calls itself an energy infrastructure company, leaves GPU ownership to its tenants and relies on investment-grade credit support for its Anthropic lease.

### What Comes Next for IREN's Microsoft Buildout

IREN now faces the question of whether its contracted run-rate revenue goes live on the revised schedule and whether Microsoft signs off on the remaining capacity. Bulls point to IREN's revenue backlog of $20.3 billion, which the company said rose 22% sequentially, with the majority tied to investment-grade customers. Bears focus on the funding gap and on whether IREN closes it with debt against its data centers or with new stock that could dilute shareholders.

IREN management said on its call that demand for compute "has frankly never been stronger," though the cost of capital could determine how quickly that demand becomes revenue. A conservative investment approach could make sense until IREN's Microsoft deal resolves.