IREN rises after increased $2.6 bln convertible bond sale

Data center operator IREN Ltd IREN.O shares up 1.3% before the bell to $55.87 after securing more capital than targeted

IREN announces pricing private offering of $2.6 bln 1% convertible bonds due Dec 2033

Initial conversion price of $73.07 represents 32.5% premium to stock's last sale of $55.15 on Mon

IREN's stock lost nearly 10% on Mon after co launched $2 bln offering for general corp purposes

Co intends to use approx $174.5 mln of net offering proceeds to fund cost of entering capped calls; initial cap price of $110.30 is double stock's last close

Offering comes days after co announced Nvidia NVDA.O to invest up to $2.1 bln as part of a broader partnership to accelerate deployment of large-scale AI factories

Through Mon, IREN's stock up 46% YTD vs Nasdaq's .IXIC 13% rise

Avg rating of 16 analysts is "buy"; median PT of $80 implies 45% upside to last close, per LSEG data