IREN eases from record after announcing convertible debt deal

IREN

08/10/2025 19:00

** Shares of data center owner and operator IREN IREN.O down 0.4% at $61.47 on Weds as it looks to raise capital

** Australia-based IREN late Tues announced private offering of $875 mln convertible bonds due Jul 2031

** Co intends to use net proceeds for general corp purposes, working capital

** It also plans to use a portion of net proceeds to pay for capped calls, derivative transactions to offset potential dilution

** IREN shares on Tues closed up 6.8% at record high close of $61.68 after co inked new cloud services contracts for Nvidia NVDA.O GPUs

** It secured Nvidia's preferred partner status in Aug

** IREN has early $17 bln market cap

** With the move on Weds, shares up about 130% over the past month. Stock ended 2024 at $9.82

 (Lance Tupper is a Reuters market analyst. The views expressed are his own)

 ((lance.tupper@tr.com 1-646-279-6380))