IREN and TeraWulf Surge on Billion-Dollar Debt Deals to Expand AI/HPC Operations
Shares of AI and high-performance computing miners jumped pre-market following major debt offerings from IREN and TeraWulf.
IREN (IREN) climbed 6% pre-market 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 allocated to general corporate purposes and $56.7 million for 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 expansion of its Lake Mariner data center in Barker, New York. The company will provide completion guarantees to ensure timely project delivery. Shares jumped 10% Tuesday and were up 3% pre-market Wednesday at $15.94.
The debt deals highlight growing investor confidence in AI/HPC mining, providing both firms with capital to strengthen balance sheets and accelerate data center infrastructure growth.
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