On October 9, 2025, IREN announced the pricing of its $875 million aggregate principal amount of 0.00% convertible senior notes due 2031. The offering was a private placement to qualified institutional buyers under Rule 144A and is senior, unsecured, and bears no interest.
The notes will mature on July 1, 2031, and the initial conversion rate is 11.6784 shares per $1,000 principal, corresponding to a conversion price of $85.63 per share—a 42.5% premium over the last reported share price. The notes are redeemable in whole or in part after January 8, 2029, and may be converted at any time after April 1, 2031, subject to the indenture terms.
IREN estimates net proceeds of approximately $856.5 million, or $979.0 million if the option to purchase additional notes is exercised. About $49.6 million of the proceeds will fund capped call transactions, with the remainder earmarked for general corporate purposes and working capital.
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