IREN is trading at $43.59, down approximately 6% from December 3rd's close of $46.18. The decline follows the company's announcement of a $3.6 billion financing package combining a $2 billion convertible note offering and $1.63 billion equity sale to fund AI infrastructure buildout. While the stock recovered 6.9% on December 3rd after initially dropping 15% on the announcement, today's pullback reflects ongoing dilution concerns despite the company's plans to repurchase existing convertible notes and spend $174.8 million on capped call transactions to mitigate shareholder dilution.