Shares in Australian AI cloud firm IREN Limited (IREN) surged by 10% to about $44 per share on Wednesday morning after rivals Nebius (NBIS) and CoreWeave (CRWV) surpassed expectations for their Q2 2026 earnings. This raised hopes for IREN’s Q4 2026 earnings expected on September 16. Notably, Nebius’s revenue jumped by 454% year-over-year to $582.3 million, while CoreWeave’s revenue hit roughly $2.6 billion, up by 112%.
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CWVX: an alternative to margin or options on CRWVBoth companies’ adjusted loss per share came in better than expected at $0.12 and $1.03, respectively. CoreWeave and Nebius’s shares both rallied by more than 20% to $108 and $235 per share, respectively, as of the time of writing.
What Do Nebius and CoreWeave’s Earnings Mean for IREN?
Interestingly, while Nebius’s adjusted losses narrowed by 68% from a loss of $0.38 per share a year ago, CoreWeave’s widened during the quarter. The adjusted net loss of $1.03 marks a 282% increase from the loss of $0.27 from a year ago.
Despite the difference in results of their efforts to improve profitability, Nebius and CoreWeave’s revenue growth showed that demand for AI cloud offerings remains strong.
What Analysts Expect from IREN’s Q4
Meanwhile, Wall Street similarly expects IREN to report deeper losses for Q4 2026. Analysts forecast that IREN’s adjusted earnings per share will swing from a profit of $0.65 per share a year ago to a loss of $0.53 per share.
On a brighter note, they expect the Sydney-based company to report revenue of $136.08 million. This represents 27% year-over-year growth. Of note, IREN missed consensus estimates for its EPS and revenue for Q3 2026.
Analysts bullish on IREN say its recent revenue target raise shows a clearer path for short-term growth. They also believe that IREN now has strong pricing power.
Is IREN Still a Buy?
On Wall Street, analysts remain split about IREN’s shares and have a Moderate Buy consensus rating. This is based on seven Buys and three Holds issued over the past three months.
However, the average IREN price target of $77.89 suggests about 84% upside in the months ahead (see IREN stock forecast here).
