IREN Shares Plunge After $800M RSU Grant, Meta Threat

IREN shares plunged on July 2 after a regulatory filing late Wednesday disclosed an $800 million restricted stock unit award to Co‑CEOs William and Daniel Roberts.

Short seller Jim Chanos estimated the grant equals roughly 17% of IREN’s projected cumulative adjusted net income from fiscal 2027 through 2030. Traders pushed the stock down about 45% from its late‑May high.

Investors pointed to recent equity dilution, including a $3 billion convertible note offering and a $6 billion at‑the‑market share program used to fund the company’s data center expansion.

Shareholders also flagged a reported $50 million‑a‑year Golden State Warriors jersey‑patch sponsorship, which the company describes as its largest North American sports deal, and questioned prioritization of capital over data center build‑outs, power procurement and scaling a $3.4 billion cloud contract with Nvidia.

Separately, Meta Platforms plans to rent excess AI infrastructure and GPU capacity to enterprise customers under an internal program known as Meta Compute. Analysts and investors noted that a large, well‑capitalized entrant could reduce rental margins and ease near‑term supply constraints for GPU capacity.

Technical indicators added to selling pressure: the stock recently fell below key moving averages and its relative strength index is near 31.

Consensus on Wall Street remains a Moderate Buy with a mean price target near $81, implying more than 100% upside from current levels.

Regulatory filings and investor statements formed the basis for the market reaction. The filings referenced by traders did not include public comment from IREN or its executives.