IREN and WULF Shares Jump on Multi-Billion Dollar Debt Raises
Shares of AI and high-performance computing miners IREN and TeraWulf surged pre-market following major debt offerings aimed at funding expansion and strengthening their balance sheets.
IREN (IREN) rose 6% to above $73 per share after completing a $1 billion private placement of 0.00% convertible senior notes due 2031. The oversubscribed deal included a fully exercised $125 million greenshoe. The notes carry a 42.5% conversion premium, with net proceeds of roughly $979 million earmarked for general corporate purposes and $56.7 million allocated to capped call transactions to hedge dilution risk.
TeraWulf (WULF) announced that its subsidiary, WULF Compute LLC, will issue $3.2 billion in senior secured notes due 2030 to finance the expansion of its Lake Mariner data center in Barker, New York. Completion guarantees will ensure timely delivery of the new facilities. WULF shares climbed 10% on Tuesday and added 3% in pre-market trading Wednesday to $15.94.
The moves signal robust investor confidence in the AI/HPC mining sector and provide both companies with the capital needed to accelerate growth and expand infrastructure capabilities.
