IREN is trading at $39.74 (-9.35%) following the announcement of a $6 billion at-the-market equity offering to fund a $3.5 billion NVIDIA B300 GPU purchase for AI cloud expansion.
- The massive capital raise has triggered significant shareholder dilution concerns, reversing momentum from Wednesday's 12.84% rally on the initial deal news.
- Short-seller Jim Chanos flagged the company's failure to reaffirm its $500 million digital revenue guidance, further dampening investor confidence.
- Broader crypto market weakness, including a 3.17% decline in Ethereum, adds additional pressure even as retail sentiment on Stocktwits remains bullish.