IREN (NASDAQ:IREN) shares declined about 4.2% to $42 in premarket trading Thursday after the company unveiled plans for an at-the-market equity program that could raise up to $6 billion.
The offering will be managed by a syndicate of 11 banks, including Goldman Sachs, JPMorgan and Citigroup. According to the company’s prospectus, IREN had roughly 332.3 million shares outstanding as of January 30.
The stock had closed 12.8% higher at $43.84 on Wednesday prior to the announcement.
Separately, IREN said it has agreed to purchase more than 50,000 NVIDIA B300 GPU chips to expand its artificial intelligence cloud infrastructure.
The company plans to roll out the GPUs in phases through the second half of 2026 at its existing data center sites in Mackenzie, British Columbia, and Childress, Texas.