IREN Ltd (IREN) Becomes Part of Russell 1000 Index

IREN Ltd (NASDAQ:IREN) is one of the top 10 AI stocks that will skyrocket.

On June 29, IREN Ltd (NASDAQ:IREN) disclosed that it has been included in the Russell 1000 Index after the recent reconstitution of FTSE Russell Indexes. The inclusion became effective at the close of play on June 26.

Addition to the Russell 1000 Index, which is used as a performance benchmark for large-cap stocks, represents a key milestone for the company. It comes after persistent expansion of its customer base, as well as operations across the United States.

Back on June 18, Jonathan Petersen of Jefferies initiated coverage of the stock with a target price of $79, implying almost 73% upside for investors. The analyst assigned a Buy rating to the stock based on its vertically integrated, GPU-cloud approach.

Peterson reflected favorably on the company’s lucrative and sizeable pipeline of powered land. He acknowledged the company’s strategic pivot that has earned it a unique spot within the broader AI infrastructure segment.

Back on June 3, IREN Ltd. (NASDAQ:IREN) signed an agreement relating to power transmission connection, to facilitate a proposed 800MW data center campus based in South Australia. The project includes a high-voltage grid connection tied to the utility substation and is projected to start energization in 2028.

IREN Ltd. (NASDAQ:IREN) operates 100% renewable energy-based data centers across Australia and Canada. These data centers are vertically integrated and facilitate the company’s bitcoin mining operations. The company is now capitalizing on its mining assets and infrastructure for other functions such as AI cloud and high-density computing.

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