IREN: Nov 47/60 call spread
IREN rose 6.5% last week while CoreWeave fell 8.6%, and it carries a $9.7B Microsoft contract into a Nov 5 print. The chain prices a 31% move by November expiry; the Nov 47/60 call spread costs about $3.72 for $13 of width and breaks even near 50.72, still 34% under the 52-week high.
- Ticker: IREN
- Direction: Bullish
- Risk profile: directional
- Confidence: low
- Catalyst: FY Q1 2027 earnings (2026-11-05)
- Cohort: 2026-09-21
- Expires: 2026-09-28
Structure
- long call 47 2026-11-20
- short call 60 2026-11-20
Signals
- Microsoft contract: $9.7B contracted backlog (FY25 Q4) (DB)
- Price action: +6.5% WoW vs CRWV -8.6% (DB)
- Nov straddle implied move: 30.8% (DB)
- ATM call open interest: 1,945 (DB)
What invalidates this thesis
Any slip in the Sweetwater or Microsoft GPU delivery schedule on the Nov 5 call would undercut the contract story, and the whole debit is lost below 47 at expiry.