IREN rises after increased $2.6 bln convertible bond sale

IREN

12/05/2026 12:09

** Data center operator IREN Ltd IREN.O shares up 1.3% before the bell to $55.87 after securing more capital than targeted

** IREN announces pricing private offering of $2.6 bln 1% convertible bonds due Dec 2033

** Initial conversion price of $73.07 represents 32.5% premium to stock's last sale of $55.15 on Mon

** IREN's stock lost nearly 10% on Mon after co launched $2 bln offering for general corp purposes

** Co intends to use approx $174.5 mln of net offering proceeds to fund cost of entering capped calls; initial cap price of $110.30 is double stock's last close

** Offering comes days after co announced Nvidia NVDA.O to invest up to $2.1 bln as part of a broader partnership to accelerate deployment of large-scale AI factories

** Through Mon, IREN's stock up 46% YTD vs Nasdaq's .IXIC 13% rise

** Avg rating of 16 analysts is "buy"; median PT of $80 implies 45% upside to last close, per LSEG data

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

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