IREN falls on up to $6 billion share sale plan

IREN

05/03/2026 11:17

** Data center operator IREN's IREN.O shares fall 4.2% to $42 premarket after unveiling up to $6 bln "at-the-market" equity program

** Program handled by 11 banks, including Goldman Sachs, JPMorgan, Citi; about 332.3 mln shares outstanding as of Jan 30, per prospectus

** Stock closed up 12.8% at $43.84 on Wednesday

** Separately, IREN announced agreement to buy over 50,000 NVIDIA B300 GPUs to expand its AI cloud capacity

** Plan to deploy in phases through H2 2026 across existing data centers in Mackenzie, British Columbia and Childress, Texas

** 12 of 16 brokerages rate stock "buy" or higher, three "hold" and one "sell"; median PT $80 - data compiled by LSEG

** As of last close, IREN up 16% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))