IREN rises after pricing $875 mln convertible debt offering

IREN

09/10/2025 13:37

** Shares of data center owner and operator IREN IREN.O up 2.7% at $61.71 before the bell after capital raise secured

** Australia-based IREN early Thurs announces pricing private offering of $875 mln 0% convertible bonds due Jul 2031

** Initial conversion price of $85.63 represents 42.5% premium to stock's last close of $60.09

** IREN shares on Weds ended down 2.6% after co unveiled the offering for general corp purposes, working capital

** Co plans to use about $50 mln of proceeds to pay for capped calls; initial cap price set at $120.18, 100% above stock's last sale

** IREN shares on Tues closed up nearly 7% at record high close of $61.68 after co inked new cloud services contracts for Nvidia NVDA.O GPUs

** Through Thurs, stock up 129% over the past month and up more than sixfold YTD

** Of 12 analysts covering the stock, 9 rate "strong buy" or "buy", 2 rate "hold" and 1 recommends "sell"; median PT is $41, per LSEG data

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

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