Mentioned:
IREN is committed to being on the leading edge of artificial intelligence cloud computing. Which is exactly why they’re doing their largest capital raise ever.
What’s happening:
- IREN (NASDAQ: IREN) is raising $875M USD in a new convertible note financing
Why it matters:
- This is the single largest capital raise IREN has ever done since the company was initially founded
Going deeper:
- IREN has publicly stated they will use the new growth capital to accelerate the build out of their data centre infrastructure, which they are currently leveraging for both Bitcoin mining and artificial intelligence workloads
- IREN has been rapidly scaling up their high performance computing business through buying more GPUs, including just recently acquiring 12,400 more GPUs manufactured by Nvidia (NASDAQ: NVDA)
The intrigue:
- There has been multiple massive financing rounds for Bitcoin mining companies who have expanded into high performance computing lately, including Cipher Mining (NASDAQ: CIFR) raising $1.1B USD and TeraWulf (NASDAQ: WULF) raising $1B USD
The fine print:
- The interest rate and conversion price of the new convertible notes IREN is raising capital through have not yet been publicly disclosed
