IREN Limited disclosed a new financing package that includes $1 billion in convertible senior notes due June 1 2032 and $1 billion in convertible senior notes due June 1 2033. Each series carries an option to issue an additional $150 million within 13 days of the initial issuance, raising the potential total offering to $2.3 billion.
The proceeds will be used to repurchase a portion of the company’s 2029 and 2030 convertible senior notes, thereby reducing outstanding debt and limiting dilution from future conversions. The company also plans to use capped call transactions to further mitigate dilution risk.
In conjunction with the note issuance, IREN announced a registered direct offering of ordinary shares. While the exact dollar amount of the equity offering was not disclosed, it is intended to raise the cash needed to fund the repurchase of the existing convertible notes and to maintain sufficient liquidity for ongoing operations.
The new notes are due June 1 2032 and June 1 2033; interest rates, conversion prices, and other specific terms will be set at pricing. The company has not yet disclosed the coupon rate, but the notes will be convertible into ordinary shares at a price determined at the time of issuance.
IREN’s financing move comes as the company pivots from Bitcoin mining toward large‑scale AI infrastructure. Recent contracts—including a $9.7 billion deal with Microsoft and a $5 billion agreement with Dell—have positioned the company to build GPU clusters and data‑center services. The capital raised will support these growth initiatives while improving the balance sheet.
Investors reacted negatively, citing dilution concerns from the equity offering, even as the company aims to streamline its capital structure and reduce debt. The market’s focus on potential share dilution underscores the sensitivity of shareholders to financing decisions that could affect ownership concentration.
The company’s management emphasized that the financing strategy is designed to strengthen the capital structure, extend debt maturities, and provide the flexibility needed to invest in AI infrastructure and other growth opportunities.
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