IREN Stock Rises as $2.6 Billion Debt Deal Tests Its Nvidia AI Ambitions
IREN Limited climbed 4.7% to $57.75 in New York morning trading Thursday, after dipping as low as $54.17 earlier, according to market data. The move brought fresh attention to the shares, with the company’s bigger convertible-note offering set to close. This rally stands out: IREN is putting its new AI cloud narrative to the test with its first large debt sale, moving away from its old bitcoin mining focus. Investors face a double-barreled calculation—on one hand, a bigger capital base for expansion; on the other, the looming risk of dilution if shares are converted down the line.