IREN Stock Rally Sends Leveraged ETFs Up 40% - IREN (NASDAQ:IREN)

An IREN stock rally helped drive sharp gains in leveraged ETFs tied to the company, with several funds rising close to 40% in a single session. Tradr 2X Long IREN Daily ETF (BATS:IREX) was up about 40%, Defiance Daily Target 2X Long IREN ETF (NYSE:IRE) rose nearly 40%, and Leverage Shares 2X Long IREN Daily ETF (NASDAQ:IREG) also gained close to 40%. The move reflects how single-stock leveraged products can magnify upside when a high-beta AI infrastructure name re-rates quickly. The catalyst was IREN’s decision to raise its 2026 annualized AI Cloud revenue target to more than $4 billion from $3.7 billion, alongside disclosure of $2.8 billion in signed multi-year AI cloud contracts. IREN’s next earnings update is expected Aug. 27, while leverage resets daily and can diverge from longer-term performance.