Key Takeaways

IREN dominated today's activity, raising a combined $4.23 billion through a $2.60 billion convertible note and a $1.63 billion common stock offering.
KYMR also announced a combined $800.0 million in financing through a $500.0 million common stock offering and a new $300.0 million at-the-market equity program.

Dilution Events

$IREN (Market Cap: $13.38B)

IREN executed a massive capital raise totaling over $4.23 billion through two primary channels:

Convertible Note: Issued $2.6B in convertible senior notes, convertible at ~$51.40/share. View SEC Filing →
Public Offering: Raised $1.63 billion via the sale of 39.699 million shares at a price of $41.12 per share. View SEC Filing →

↳ Total Capital Raised: ~$4.23 billion.

$KYMR (Market Cap: $6.78B)

KYMR executed a 3-component financing totaling $800.0 million:

Public Offering: Raised $500.0 million. View SEC Filing →
ATM Program: Has $300M remaining on ATM program; locked up for 30 days post-offering. View SEC Filing →
Resale Registration: Discloses potential market overhang from ~29.7M shares with resale registration rights starting Feb 2026. View SEC Filing →

↳ Total Capital Raised: ~$800.0 million.

$GPCR (Market Cap: $4.25B)

GPCR executed a 3-component financing totaling $691.5 million:

Public Offering: Raised $500.0 million. View SEC Filing →
ATM Program: Has ~$191.5M remaining on its $250M ATM program. View SEC Filing →
Shelf Registration: Filed shelf registration for future capital raises. View SEC Filing →

↳ Total Capital Raised: ~$691.5 million.

$BORR (Market Cap: $1.16B)

BORR executed a 3-component financing totaling $315.6 million:

Public Offering: Raised $85.0 million via the sale of 21 million shares. View SEC Filing →
Convertible Note: Has $230.5M in convertible bonds outstanding, convertible at $6.9376. View SEC Filing →
Shares for Services: Issued 50 million shares for services rendered. View SEC Filing →

↳ Total Capital Raised: ~$315.6 million.

$DYN (Market Cap: $3.17B)

DYN executed a 2-component financing totaling $300.0 million:

Public Offering: Raised $300.0 million. View SEC Filing →
ATM Program: Existing ATM program suspended for 30 days following public offering. View SEC Filing →

↳ Total Capital Raised: ~$300.0 million.

$FULC (Market Cap: $703M)

FULC executed a 3-component financing totaling $250.0 million:

Public Offering: Raised $150.0 million. View SEC Filing →
ATM Program: Has $100M remaining on existing ATM program. View SEC Filing →
Shelf Registration: Filed shelf registration for future capital raises. View SEC Filing →

↳ Total Capital Raised: ~$250.0 million.

$WVE (Market Cap: $3.10B)

WVE executed a 2-component financing totaling $250.0 million:

Public Offering: Raised $250.0 million. View SEC Filing →
ATM Program: Recently sold 6.8M shares via its ATM program. View SEC Filing →

↳ Total Capital Raised: ~$250.0 million.

$VERA (Market Cap: $2.88B)

VERA executed a 2-component financing totaling $200.0 million:

Public Offering: Raised $200.0 million. View SEC Filing →
ATM Program: Existing ATM program suspended for 45 days following public offering. View SEC Filing →

↳ Total Capital Raised: ~$200.0 million.

$IMMX (Market Cap: $207M)

IMMX executed a 3-component financing totaling $159.3 million:

Public Offering: Raised $100.0 million via the sale of 19.608 million shares. View SEC Filing →
ATM Program: Has a $50M ATM program; recently sold 1.18M shares for $3.3M. View SEC Filing →
PIPE: Closed $9.3 million PIPE of 3.916 million shares at $2.37 per share, with 75% warrant coverage. View SEC Filing →

↳ Total Capital Raised: ~$159.3 million.

$GROY (Market Cap: $761M)

GROY executed a 3-component financing totaling $130.0 million:

Public Offering: Raised $90.0 million via the sale of 22.5 million shares at a price of $4.00 per share. View SEC Filing →
Convertible Note: Issued 23.3M shares to retire $40M of convertible debentures. View SEC Filing →
Shelf Registration: Filed shelf registration for future capital raises. View SEC Filing →

↳ Total Capital Raised: ~$130.0 million.

$MTEN (Market Cap: $21M)

MTEN executed a 3-component financing totaling $115.0 million:

ATM Program: Filed a $100M ATM offering. View SEC Filing →
PIPE: Closed $15.0 million PIPE of 15 million shares at $1.00 per share. View SEC Filing →
Shares for Services: Issued 0.62 million shares for services rendered. View SEC Filing →

↳ Total Capital Raised: ~$115.0 million.

$KLTO (Market Cap: $33M)

Convertible Note: Raised ~$15M via convertible preferred stock, convertible into 34M common shares. View SEC Filing →

$ATLX (Market Cap: $105M)

ATLX executed a 3-component financing totaling $10.0 million:

Public Offering: Raised $10.0 million via the sale of 2.5 million shares at a price of $4.00 per share. View SEC Filing →
Shares for Services: Issued 2.258 million shares for services rendered. View SEC Filing →
Shelf Registration: Filed shelf registration for future capital raises. View SEC Filing →

↳ Total Capital Raised: ~$10.0 million.

$SOAR (Market Cap: $9M)

SOAR executed a 2-component financing totaling $9.3 million:

ATM Program: Filed for a $9.3M ATM, but sales are limited to 1/3 of public float (~$3.1M). View SEC Filing →
Shares for Services: Issued shares for services/fees. View SEC Filing →

↳ Total Capital Raised: ~$9.3 million.

$ASTI (Market Cap: $7M)

PIPE: Closed $1.7 million PIPE of 1.025 million shares at $1.95 per share, with 200% warrant coverage. Special terms: Registration rights for all shares, Placement agent receives additional warrants upon investor warrant exercise View SEC Filing →

$MDCX (Market Cap: $45M)

MDCX executed a 2-component financing totaling $1.5 million:

Warrant Exercise: Induced exercise of 2.68M warrants @ $1.92 for $5.1M proceeds, issued 4.02M new warrants @ $2.00. View SEC Filing →
ATM Program: Sold 680k shares for $1.5M under its equity line of credit. View SEC Filing →

↳ Total Capital Raised: ~$1.5 million.

$MNDR (Market Cap: $2M)

ATM Program: Has ~$416k remaining to sell under its ATM program, restricted by public float. View SEC Filing →

$DROR (Market Cap: N/A)

Convertible Note: Raised $200k via convertible debentures with contingent toxic warrants | MC: N/A. View SEC Filing →

$WHLR (Market Cap: $4M)

WHLR executed a 3-component financing totaling $0 thousand:

Shares for Services: Issued 0.88 million shares for services rendered. View SEC Filing →
Convertible Note: Convertible note conversion price reset from ~$3.48 to ~$1.90. View SEC Filing →
Shares for Services: Issued 0.157 million shares for services rendered. View SEC Filing →