IREN (NASDAQ: IREN) delivered eye-popping volatility in 2025, racing from low single digits to highs north of $75 before giving back a large portion of those gains. That combination, a four-digit percentage run followed by a steep pullback, is exactly why 2026 could be decisive. The key question now is whether the stock’s next major move is another speculative spike or the start of a more durable re-rating tied to AI infrastructure demand.
