IREN is an Australian energy company operating at the intersection of AI, cloud computing, crypto, and green energy. Listed on Nasdaq and valued at $20 billion, its stock has surged 616% year-to-date — climbing from $10 to $70.

IREN’s short interest analytics reveal a jump from 10% to 20% of float, with chart patterns echoing the stock price — though scales differ.

Several AI-related stocks have shown similar explosive returns and short interest increases, including SoundHound (SOUN), Aehr Test Systems (AEHR), BigBear.ai (BBAI), and Guardforce AI (GFAI).

This reflects a recurring pattern of investors shorting stocks during upward momentum. With average monthly returns of 25% overall — and 48% in the last six months — IREN has presented persistent short squeeze risk.

In July, short interest fell 18% while the squeeze score exceeded 70 and the stock rallied — a clear squeeze event, echoed in May. However, most high-score periods didn’t trigger squeezes.

Analysts remain bullish, though recent recalculations have led to a few downgrades to “sell” and “hold.”

Volatility declined until July but has risen since, with implied volatility trading above realized. This shift is driven by call buyers seeking upside without downside exposure — reflecting a sentiment of chasing gains with limited conviction.

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