IREN Stock Slips as Nvidia Deal Runs Into the Price of Building AI Capacity
IREN shares fell about 2.4% to $53.80 Tuesday after the company priced an upsized $2.6 billion convertible-note sale, raising concerns over funding costs and dilution. The notes carry a 1% coupon and can convert at $73.07 per share. IREN reported a $247.8 million net loss last quarter. Peers Cipher Digital, Riot Platforms, and Marathon Digital also traded lower.