Debt-Fueled Rally: IREN and WULF Shares Climb Amid $1B Deals

IREN and WULF Shares Rise on Billion-Dollar Debt Offerings

Shares of AI and high-performance computing (HPC) miners IREN and TeraWulf surged pre-market following major debt deals aimed at expanding operations and strengthening their balance sheets.

IREN (IREN) climbed 6% to over $73 per share after completing 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 approximately $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, plans to issue $3.2 billion in senior secured notes due 2030 to finance the expansion of its Lake Mariner data center in Barker, New York. The company will provide completion guarantees to ensure timely delivery of the facility. WULF shares gained 10% on Tuesday and were up 3% pre-market Wednesday at $15.94.

These deals highlight strong investor confidence in the AI/HPC mining sector, providing both companies with capital to accelerate growth and enhance infrastructure capabilities.