New York, July 6, 2026, 06:08 EDT
- IREN traded higher before the Nasdaq opened. The stock last closed at $38.82 on July 2.
- Co-CEOs William Roberts and Daniel Roberts landed 18.2 million restricted stock units, which were valued at $706.5 million as of the last close.
- The award made up roughly 5.1% of IREN’s outstanding shares. From June 26 to July 2, the company shed about $3.0 billion in market value.
IREN Limited NASDAQ:IREN shares looked set to open higher on Monday, but traders will be watching the $706.5 million mark-to-market value of a co-CEO stock grant. The grant came as IREN joined the Russell 1000 in its first week. IREN announced its inclusion in the index on June 29 and filed details of the executive award on July 1.
Nasdaq’s pre-market trading is open from 4:00 a.m. to 9:30 a.m. ET, and regular trading hours are from 9:30 a.m. to 4:00 p.m. ET. The exchange was closed July 3 for Independence Day. Early Thursday, Google Finance showed IREN at $41.06 premarket, up 5.78% from the prior close of $38.82 on July 2.
Shares fell each day from June 26 to July 2. StockAnalysis data showed a 17.8% slide during that period. Trading volume jumped to 60.2 million shares on July 2.
| Date | IREN close | Daily move | Volume |
|---|---|---|---|
| June 26 | $47.21 | down 1.11% | 50.9 million |
| June 29 | $45.91 | fell 2.75% | 34.3 million |
| June 30 | $45.73 | off 0.39% | 28.3 million |
| July 1 | $43.32 | dropped 5.27% | 41.8 million |
| July 2 | $38.82 | lost 10.39% | 60.2 million |
IREN’s board signed off on 9,099,328 RSUs each for co-CEOs William Roberts and Daniel Roberts. The stock units vest in equal chunks each year for four years. Both executives have to hold the shares for two years after they vest. IREN said the pair won’t get another equity incentive grant until fiscal 2031.
| Grant math | Calculation | Result |
|---|---|---|
| RSUs for William Roberts | 9,099,328 | 9.1 mln |
| RSUs for Daniel Roberts | 9,099,328 | 9.1 mln |
| Combined RSUs | 9,099,328 × 2 | 18.2 mln |
| Value at the close July 2 | 18.2 mln × $38.82 | $706.5 mln |
| Share-count calculation | 18.2 mln / 357.38 mln | 5.1% |
| Change in market value June 26 to July 2 | ($47.21-$38.82) × 357.38 mln | -$3.0 bln |
IREN’s equity drop outpaced the value of the RSU award. With 357.38 million shares outstanding, the company shed around $3.0 billion in market cap from June 26 to July 2, Google Finance figures show. That’s 4.2 times what the RSUs were worth on July 2. A premarket price of $41.06 would bring back about $800.5 million if it holds at the open.
IREN registered 8 million more ordinary shares in an S-8 filed July 1, covering possible future issuance under the 2025 Omnibus Incentive Plan. The company said it wasn’t issuing the shares now. Priced at $38.82, the 8 million shares would total $310.6 million, which is around 2.2% of the Google Finance share count.
Why it matters: IREN is betting it can turn its power sites into AI-cloud revenue before investors get tired of share dilution. The company’s site says it has 810 MW running, 2,100 MW getting built, 1,600 MW in the pipeline, and 5 GW of secured power.
IREN named Kambiz Aghili as chief product officer and Michael Nudelman as chief development officer on July 2. Aghili was at Oracle Corporation NYSE:ORCL, working in Oracle Cloud Infrastructure. Nudelman has held senior jobs at Alphabet Inc NASDAQ:GOOGL, CyrusOne, and Beale Infrastructure. Daniel Roberts said the company’s growth is about “securing large-scale land and power.” markets.businessinsider.com
Governance issues surfaced over the weekend. Neel Khokani, who runs Epochal Corporation and holds a big stake in IREN, told The Nightly, “A board exists to negotiate on behalf of shareholders, not to ratify whatever retention math a compensation consultant produces.” The Nightly also reported that Jim Chanos, a U.S. hedge fund manager, and Agrippa Investments criticized the award. The Nightly
IREN said in its filing that independent directors signed off on the grants following a review from an outside compensation adviser. The company said it will file the entire Omnibus Plan and the award agreement with its next periodic SEC report after the grant date.
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