IREN and TeraWulf Launch Multi-Billion Dollar Debt Deals to Fuel AI and HPC Growth

Artificial intelligence and high-performance computing (AI/HPC) miners are seeing strong pre-market momentum following major debt announcements from IREN and TeraWulf.

IREN (IREN) rose 6% in pre-market trading to over $73 per share after closing a $1 billion private offering 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 roughly $979 million earmarked for general corporate purposes and $56.7 million allocated to capped call transactions to hedge dilution risk.

Meanwhile, TeraWulf (WULF) revealed that its subsidiary, WULF Compute LLC, intends to issue $3.2 billion in senior secured notes due 2030 to fund the expansion of its Lake Mariner data center in Barker, New York. The company will provide completion guarantees to ensure the timely delivery of the new facilities. Following the announcement, TeraWulf shares jumped 10% on Tuesday and were 3% higher pre-market Wednesday at $15.94.

Both moves reflect a broader trend of AI/HPC miners leveraging capital markets to strengthen balance sheets and accelerate growth in data center and computing infrastructure.