IREN’s $625 million AI bet creates a $476 million stock overhang
IREN registered 11.9 million shares from its Mirantis acquisition for potential resale, creating a block worth about $476 million at the Aug. 3 closing price. The filing covers nearly 95% of the shares issued in the deal and removes resale restrictions for former Mirantis investors, directors, officers, and employees. IREN receives no proceeds from any sale, and the filing does not say any holder plans to sell, but it could create selling pressure if a large portion reaches the market. IREN agreed in May to buy Mirantis for about $625 million, and the deal closed Aug. 3 with 12.6 million IREN shares plus about $40 million in cash and other consideration. The acquisition adds software capabilities to IREN’s vertically integrated AI platform, complementing its land, power, data centers, GPUs, and networking with tools for deploying, managing, and monitoring AI workloads.
