IREN Limited ( IREN ) stock is surging during Thursday's trading session. The move follows the official settlement of the company's upsized $2.6 billion convertible senior notes offering.

The Nasdaq is up 0.92% while the S&P 500 has gained 0.87%.

Massive Liquidity Boosts AI Ambitions

According to a United States Securities and Exchange Commission Form 8-K filed on Tuesday, the offering was scheduled to close on Thursday. This capital raise provides liquidity to fund its aggressive transition into an AI infrastructure giant. The company priced the 1% notes due 2033 to qualified institutional buyers.

The company estimates net proceeds of approximately $2.57 billion after expenses. Per the SEC filing, IREN ( IREN ) intends to use the funds for general corporate purposes and working capital. This includes $174.5 million to fund capped call transactions.

Analysts Divided on Price Forecasts

On May 11, Macquarie maintained an outperform rating. The firm significantly raised its forecast to $90. Conversely, JPMorgan ( JPM ) maintains an underweight rating. However, they raised their price forecast to $46 earlier this week.

Short Sellers Face Tight Exit

Recent data shows short interest in IREN ( IREN ) decreased during the last reporting period. Total shorted shares fell from 59.14 million to 58.36 million. Currently, 16.87% of the company's float is held short. Traders note it would take 1.63 days for shorts to cover based on average volumes.

IREN Stock: Key Technical Levels To Watch

IREN ( IREN ) is extended above its major moving averages, which is the clearest longer-term trend signal: it's trading 15.2% above the 20-day SMA of $50.89 and 34.9% above the 200-day SMA of $43.46.

The moving-average structure remains bullish, with the 20-day SMA above the 50-day SMA and a golden cross in May — 50-day SMA above the 200-day SMA.

Key Resistance: $59 — a nearby round-number/pivot area where rebounds can stall

Key Support: $48.50 — a prior demand zone that sits closer to the rising short-term trend — near the 20-day area

IREN Price Action: Iren ( IREN ) shares were up 4.89% at $57.87 at the time of publication on Thursday, according to Benzinga Pro data.