filed to dilute $6,000,000,000 at a $11.7B MC.
That is not noise.
This is Iren's way to monetize their 4.5GW capacity by selling all those new shares onto the open market.
If you want some history on how this turns out:
Look at
It’s accretive to the company and executives: Because it wipes out all retail shareholders and they can always issue SBC.
So they don’t actually care what stock price it needs to be at to sell.
After they’re finished, they have $6B in new cash to use for scaling without paying interest.
But the reason why convertible notes with interest, and
is because
- people dismiss a $6B ATM as “Noise”
- it’s one of the most popular retail “buy the dip” companies that they’re buying into a $6B dilution machine
- people still don’t understand the risk at all.
- the amount they have now is not enough to finance GPUs/GW capacity monetization.
- they likely will have to use the ATM, it’s not “optionality”
Again: I have zero positions in the company.
I’m just warning retail investors that this ATM structurally wipes out your equity appreciation by how structural mechanics of $6B+ ATMs work.
Because
likely needs to sell new shares at any price to monetize their GW, otherwise there would be zero need to file it.
Executives actually don't need to care because they can make up for stock price dropping by issuing SBC like
