IREN and WULF Shares Soar on Multi-Billion Dollar Debt Deals
Shares of AI and high-performance computing miners IREN and TeraWulf jumped pre-market following major debt offerings aimed at expanding their infrastructure and strengthening balance sheets.
IREN (IREN) rose 6% pre-market to over $73 per share after closing a $1 billion private placement of 0.00% convertible senior notes due 2031. The offering was oversubscribed and included a fully exercised $125 million greenshoe. The notes carry a 42.5% conversion premium, with net proceeds of roughly $979 million allocated for general corporate purposes and $56.7 million for capped call transactions to mitigate dilution risk.
TeraWulf (WULF) revealed that its subsidiary, WULF Compute LLC, plans to issue $3.2 billion in senior secured notes due 2030 to fund the expansion of its Lake Mariner data center in Barker, New York. The company will provide completion guarantees to ensure timely delivery of the new facilities. Shares rose 10% on Tuesday and were up 3% pre-market Wednesday at $15.94.
The transactions underscore investor confidence in the AI/HPC mining sector, giving both firms the resources to accelerate growth and solidify operational infrastructure.
