IREN Stock Rises as $2.6 Billion Debt Deal Tests Its Nvidia AI Ambitions
IREN Limited shares climbed 4.7% to $57.75 in New York after the company priced $2.6 billion in 1.00% convertible senior notes due 2033, up from a $2 billion plan. The offering, expected to close May 14, follows a $3.4 billion AI cloud services contract and a strategic partnership with Nvidia. IREN reported a $247.8 million net loss for the March quarter. JPMorgan raised its price target to $46 but maintained an Underweight rating.