Iren shares fall 9.89% after announcing $2 billion convertible notes offering

Iren announced a $2 billion convertible senior notes offering due 2033. Shares closed at $55.15, down 9.89%, as investors anticipated dilution to existing shareholders.

Trading volume reached 108.4 million shares, about 187% above its three-month average of 37.8 million shares. Iren operates renewable-powered data centers for Bitcoin mining and AI cloud services, and recently signed an AI infrastructure cloud services contract with Nvidia.

Investor concerns center on leverage risk as Iren invests to grow its cloud computing capacity. Last week the company reported a fiscal Q3 earnings miss, with revenue decreasing sequentially as it transitions from Bitcoin mining to AI cloud services.