New York, Jan 23, 2026, 15:48 (EST) — Regular session
IREN Limited shares surged in late U.S. trading Friday, climbing 7.2% to $56.04 on the Nasdaq. The stock fluctuated between $50.14 and $58.55, while roughly 50.4 million shares changed hands by mid-afternoon.
The company announced Thursday it will release its second-quarter fiscal 2026 results on Feb. 5, covering the period ending Dec. 31, 2025. A conference call is scheduled for 5 p.m. ET that day. The event will be webcast and feature a live Q&A session. Phone participants must register to receive dial-in information. 1
That date is crucial since IREN has quickly turned into a key gauge for two often conflicting trades: crypto mining economics and the appetite for power-hungry AI computing. Investors want clearer signals on cash flow, expansion speed, and customer demand—less noise, more substance.
Tradr ETFs rolled out a new Cboe-listed fund under ticker IREZ, offering -200% of IREN’s daily price movement. This leveraged ETF aims to deliver twice the inverse of the stock’s daily change. “Today’s launches represent our first short single stock leveraged ETFs since 2022,” said Matt Markiewicz, Tradr’s head of product and capital markets. He also cautioned that leveraged and inverse ETFs can magnify losses and, in cases of extreme daily swings, potentially erase an entire investment. 2
Applied Digital, featured in Tradr’s fresh inverse lineup, gained 6.6% on Friday. Lucid dropped 4.4%, and Nebius declined 2.1%.
Bitcoin held steady near $89,255, making IREN’s jump seem more tied to its own stock action than any crypto market shift today.
In its latest quarterly update filed in November, IREN revealed a $9.7 billion deal with Microsoft and aims for $3.4 billion in AI cloud annualized run-rate revenue by the end of 2026 — a figure extrapolated from current revenue trends. The company is also planning to scale up to 140,000 GPUs, the hardware essential for training AI models. Co-founder and co-CEO Daniel Roberts described the Microsoft deal as one that “solidifies IREN’s position as a leading AI Cloud Service Provider.” 3
But the factors driving the stock up can just as quickly drag it down. Daily-reset leveraged and inverse ETFs often don’t track a straightforward short over multiple sessions, particularly when markets are volatile. A weak earnings report, funding strains from major expansions, or a drop in crypto prices can swiftly sour sentiment.
Investors are tuning in to see what changes come next: the share of capacity devoted to AI workloads, its impact on margins, and any rise in customer concentration. The guidance and tone could prove just as crucial as the actual figures.
IREN’s next major event is its Feb. 5 results update and conference call, listed on the investor events calendar. 4
