IREN stock price drops 4.2% due to $6 billion equity issuance plan

LootboxPhobia · 2026-03-05T15:53:42+00:00

Data center operator IREN announces a $6 billion market equity issuance plan, with the stock price down 4.2% in pre-market trading. The plan is underwritten by 11 banks, and IREN will also purchase NVIDIA GPUs to expand AI cloud capacity, with plans to deploy by 2026.

LootboxPhobia

2026-03-05 15:53:42

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Investing.com – Data center operator IREN (NASDAQ: IREN) announced on Thursday the launch of a market equity offering of up to $6 billion, causing its stock to fall 4.2% to $42 in pre-market trading.

The offering will be underwritten by 11 banks, including Goldman Sachs, JPMorgan Chase, and Citigroup. According to the prospectus, as of January 30, IREN had approximately 332.3 million shares outstanding.

The stock closed Wednesday up 12.8% at $43.84.

Additionally, IREN announced an agreement to purchase over 50,000 NVIDIA B300 GPUs to expand its AI cloud capacity.

The company plans to deploy these GPUs in phases at its existing data centers in Mackenzie, British Columbia, and Childress, Texas, before the second half of 2026.

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