IREN Limited Stock Falls as $2 Billion Debt Sale Puts Nvidia AI Rally to the Test
IREN Limited launched a $2 billion convertible note offering due 2033, with an option for buyers to purchase an additional $300 million. Shares fell $2.73 to $58.47 after the announcement. Proceeds will fund capped-call costs, working capital, and general corporate purposes. The move follows a $3.4 billion AI cloud contract and partnership with Nvidia.