7 October 2025
Updated 8 October

IREN Stock Falls 6% After $875M Convertible Note Announcement

IREN stock fell 6% post-market following the announcement of an $875 million convertible debt offering.
The offering could reach $1 billion if initial purchasers opt for an additional $125 million.
Notes are unsecured, convertible into IREN shares or cash under certain conditions, maturing in July 2031.
Proceeds aimed at general operations and capped call transactions to mitigate share dilution and potential cash payments.
Potential future shareholder approval sought for share repurchase to settle instruments.
Today's decline almost negated gains from new AI cloud contracts linked to Nvidia Blackwell GPU deployments.
Despite the drop, IREN shares have surged approximately 1,000% since April due to strong interest in AI infrastructure.