IREN stock analysis amid CoreWeave, Nebius market share gains

IREN stock price has rebounded in the past few days, moving from a low of $30 on March 30 to the current $40. It remains down by 50% from its highest point in 2025. So, will the stock continue rising as top companies like CoreWeave and Nebius extend their market share?

IREN stock price has remained under pressure in the past few weeks and is trailing other popular companies like CoreWeave and Nebius, which are slowly becoming the two biggest players in the industry.

For example, CoreWeave has continued to attract customers, including the recent expansion of its deal with Meta Platforms. The company ended the last quarter with a revenue backlog of over $60 billion.

Nebius, another NVIDIA-backed company, has continued gaining momentum in the past few months. For example, it recently inked a $27 billion deal with Meta Platforms, one of the biggest deals in the industry.

IREN, on the other hand, has not received any major deal with a hyperscaler company this year. To date, its biggest deal was the $9.7 billion partnership with Microsoft, which was announced last year.

The stock has also lagged behind its top rivals because of its growing debt load. Its total debt has jumped to over $3.6 billion from $963 million in June last year.

The company has continued to boost its debt this year. For example, it raised $2.3 billion in December and has brought in over $9.3 billion in the past eight months through debt, customer prepayments, GPU leasing, and convertible notes.

IREN has also announced a $6 billion At-the-Market (ATM) equity offering program to fund the purchase of 150k GPUs. This means that the number of outstanding shares will continue rising, diluting its investors.

The other challenge is that other companies continue to enter the AI data center industry. Some of these companies are companies like Riot Platforms, Mara Holdings, and Cipher Mining. These concerns explain why investors have continued to short the company, with the short interest rising to 16%.

On the positive side, the company is in a growing industry, with the prices of GPU rentals rising by 40% in the last 60 days. As such, even without large hyperscalers, the company’s growth is expected to keep growing.

Analysts expect the upcoming report to show that its revenue rose by 48% in the last quarter to $219 million. For the year, the revenue is expected to jump to $1.01 billion and $2.09 billion this year and the next one. These numbers will represent a 97% YoY and 193% YoY growth.

IREN stock price technical analysis

IREN share price chart | Source: TradingView

The daily chart shows that the IREN share price has rebounded in the past few weeks. It has jumped from a low of $30.80 earlier this month to the current $40.50.

The stock has risen above the important resistance level at $34, its lowest point in December last year. Notably, it has formed a double-bottom pattern with a neckline at $64.

Therefore, the stock will likely have a strong rebound as demand for AI data continue rising. If this happens, the next key level to watch will be the psychological level at $50. On the flip side, a move below the support at $30.80 will invalidate their bullish outlook.