Shares of IREN surged amid increased market interest in hyperscalers acquiring AI and high-performance computing (HPC) infrastructure, including land, power connections, and data centers. The stock experienced heavy trading volume, with 36 million shares changing hands in a single day. Notably, a large options trade involved selling 5,000 July $13 calls to purchase September $16 calls when IREN was trading at $13.35. The options calls for IREN have seen a sharp rise, with some calls increasing by 110% in a single day. Investors and analysts are positioning around the Coreweave IPO unlocks, with a suggested pair trade strategy involving long positions in CORZ, IREN, CIFR, and WULF, and short positions in CRWV. Market commentators have described IREN as a rare investment opportunity with potential for substantial long-term gains, possibly achieving tenfold returns within 18 months and over 100-fold returns in the longer term. The recent CRWV-CORZ deal is viewed as a pivotal event that could mark the beginning of this upward trajectory.