IREN Declines 6% on $875M Convertible Note Offering

Core Viewpoint - IREN's stock experienced a 6% decline after the announcement of an $875 million convertible debt offering, which could increase to $1 billion if the option is exercised by initial purchasers [1][2]. Group 1: Convertible Debt Offering - The convertible debt offering is set at $875 million, with a potential increase to $1 billion if additional purchases are made [1]. - The notes will be unsecured and can be converted into IREN shares or cash under specific conditions, maturing in July 2031 [1][2]. - Proceeds from the offering will be used for general operations and capped call transactions to mitigate potential share dilution [2]. Group 2: Market Reaction and Performance - The stock's decline nearly offset gains made earlier in the day due to new multi-year AI cloud contracts linked to Nvidia Blackwell GPU deployments [3]. - Despite the recent drop, IREN's stock has surged approximately 1,000% since April lows, reflecting strong investor interest in AI-related infrastructure [3].