IREN shares hit 2025 low as neocloud selloff deepens before earnings

IREN shares extended their selloff to $21.75, the lowest since August, amid a broad neocloud sector decline ahead of the company's earnings report on Thursday. The stock remains far below its 2025 high of $76.63. The decline follows a synchronized drop across neocloud peers, including CoreWeave falling nearly 10% and Nebius hitting its lowest level since May. IREN's revenue is expected to decline about 9%, and the company relies heavily on one anchor customer without new major contracts announced this year. Technical analysis shows IREN has broken below the neckline of a head-and-shoulders pattern and the 61.8% Fibonacci level, suggesting further downside potential toward $20. A Gartner report warns many AI data center owners may face significant writedowns, adding sector-wide risk.