IREN Completes $3bn Convertible Raise for AI Infrastructure Buildout

IREN has completed a $3bn convertible senior notes offering as Bitcoin miners reposition around AI infrastructure.

The Nasdaq-listed company’s raise included $2.6bn of notes due 2033, alongside a fully exercised $400mn greenshoe option, taking total gross proceeds to $3bn. Net proceeds reached approximately $2.96bn after fees and expenses, according to the company. Shares, however, fell by around 8% on Friday, 15 May, following the announcement.

The notes carry a 1% coupon and were priced at a 32.5% conversion premium, implying an initial conversion price of about $73.07 per share, above IREN’s 11 May closing price of $55.15.

The financing comes as IREN pushes deeper into high-performance computing and cloud services, moving beyond its origins as a Bitcoin miner.

IREN plans to use about $201mn of the funds to set up capped call arrangements, a financial tool that helps limit how much existing shareholders might be diluted if the notes are later converted into stock. The rest of the money will go toward general business purposes, including day‑to‑day operating needs.

Earlier this month, the company signed a five-year $3.4bn AI cloud agreement with Nvidia tied to Blackwell GPU deployments, alongside a broader strategic partnership covering up to 5GW of AI infrastructure across IREN’s global data center pipeline.

IREN has also acquired the Nostrum group and added around 490MW of secured grid power in Spain as it builds its AI-focused data center capabilities in the US and Europe.

The company has also outlined plans to spend roughly $3.5bn on GPUs and related hardware from Dell as it expands capacity.