High-performance computing firm IREN (IREN) stock slipped 6% on Tuesday post-market after announcing a $875 million convertible debt offering.

The offering may increase to $1 billion if initial purchasers take up an option to buy an additional $125 million, the press release said. The notes will be unsecured and give holders the right to convert into IREN shares or cash under certain conditions, with maturity set for July 2031.

The firm said proceeds will fund general operations and capped call transactions, which are intended to reduce potential share dilution if the notes convert into equity. These capped calls are also designed to offset potential cash payments if the company's share price climbs significantly. The company added it may seek shareholder approval to repurchase shares to

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