IREN slides on planned $2 bln convertible bond sale

IREN

11/05/2026 12:36

** Data center operator IREN Ltd IREN.O shares down 6% premarket at $57.54 as it seeks capital raise

** Co offering privately $2 bln convertible bonds due Dec 2033

** Intends to use net offering proceeds for general corp purposes and fund cost of capped calls, derivative transactions employed to offset potential dilution

** IREN's shares surged nearly 8% to close at $61.20 on Fri after co late Thurs 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

** IREN has roughly $22 bln market cap

** Through Fri close, stock up 62% YTD vs Nasdaq's .IXIC 13% advance

** Avg rating of 16 analysts is "buy"; median PT $80, per LSEG data

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

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