Microsoft · Nvidia · Bitcoin · The Block
JPMorgan previously warned that IREN's planned GPU and AI data-center spending — more than $9 billion in aggregate
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CoinShares estimated earlier this year that more than $70 billion in cumulative AI contracts have been announced across the listed miner cohort, with some operators on track to derive as much as 70% of their revenue from AI by the end of 2026, as The Block previously reported.
Key facts
- Concurrent with the offering, IREN entered into capped call transactions setting a cap price of $110.30 per share, a 100% premium over the company's last reported sale price of $55.15 on May 11
- IREN Limited (IREN) has closed a $3 billion convertible senior notes offering, raising approximately $2.96 billion in net proceeds as the Bitcoin miner continues to build out its position
- The company signed a $9.7 billion AI cloud hosting agreement with Microsoft in November 2025, a deal that sent shares up nearly 30% at announcement and prompted Bernstein to triple its price target
- The offering was initially sized at $2.6 billion, with the full $400 million greenshoe exercised, an official disclosure noted
Summary
IREN Limited (IREN) has closed a $3 billion convertible senior notes offering, raising approximately $2.96 billion in net proceeds as the Bitcoin miner continues to build out its position as a vertically integrated AI cloud infrastructure provider. The offering was initially sized at $2.6 billion, with the full $400 million greenshoe exercised, an official disclosure noted. The notes carry a 1.00% coupon, mature in 2033, and were sold at a 32.5% conversion premium in a Rule 144A private placement to qualified institutional buyers. Concurrent with the offering, IREN entered into capped call transactions setting a cap price of $110.30 per share, a 100% premium over the company's last reported sale price of $55.15 on May 11. IREN allocated $201.3 million of the net proceeds to fund the capped call transactions, with the remainder directed toward general corporate purposes and working capital.