Bitcoin miner IREN (IREN) is gaining attention after reporting strong Q4 results and advancing its artificial intelligence infrastructure, according to a Friday research note from Canaccord Genuity.

The broker reiterated its buy rating and raised the stock’s price target 60% to $37 from $24, citing increased visibility in both mining and AI revenue streams. In early trading, IREN shares jumped 25% to $28.75.

IREN’s mining segment posted an annualized revenue run rate above $1 billion, powered by 50 exahash per second (EH/s) of capacity and one of the industry’s most efficient fleets, operating at 15 J/TH and 3.5 cents/kWh. Analysts led by Joseph Vafi highlighted that this translates to a $36,000 cost to mine a bitcoin, well below current market levels. Mining revenue totaled $187.3 million, up 33% sequentially, while adjusted EBITDA rose 46% to $121.9 million.

On the AI front, IREN is expanding rapidly, having quadrupled its hashrate and added 1 MW of power, now totaling 3 MW, with further growth expected in fiscal 2025. The company was also recently named an NVIDIA (NVDA) preferred partner, coinciding with the purchase of an additional 2,400 GPUs.

With 2,910 MW of secured power capacity and some of the lowest all-in cash costs in the industry, Canaccord believes IREN is well-positioned to become one of the largest and most efficient publicly listed bitcoin miners, while also offering significant optionality in high-performance computing.