IREN Energy Announces $875M Convertible Note Offering Amid Stock Decline

IREN Energy's stock fell 6% following the announcement of an $875 million convertible note offering, with potential expansion to $1 billion. The notes, maturing in July 2031, are convertible into shares or cash under specific conditions. Proceeds will fund general operations and capped call transactions aimed at minimizing share dilution.

The company recently secured multi-year AI cloud contracts for Nvidia Blackwell GPU deployments, signaling strategic growth in data-center expansion. Despite the drop, IREN's stock remains up approximately 1,000% from April 2025 lows, reflecting strong long-term performance.

Market observers note the MOVE positions IREN to capitalize on the next phase of AI infrastructure development, though near-term investor sentiment appears cautious.