In brief – IREN Limited closed a $3 billion convertible senior notes offering to fund AI infrastructure expansion. – Net proceeds totaled $2.96 billion, with $201.3 million allocated to capped call transactions. – The offering follows major deals with Nvidia and Microsoft for AI…
oud services. Bitcoin mining firm IREN Limited said Thursday that it closed a $3 billion convertible senior notes offering, securing capital to accelerate its transformation from cryptocurrency mining to AI infrastructure services
The convertible notes carry a 1% annual coupon and mature in 2033, with a conversion premium of 32.5% above IREN’s share price. The notes were sold privately to qualified institutional buyers under Rule 144A, generating net proceeds of $2.96 billion after fees and expenses. The company allocated $201.3 million from the proceeds to fund capped call transactions with a cap price of $110.30 per share—representing a 100% premium over the $55.15 share price recorded on May 11.
The capped call structure is designed to reduce potential dilution from note conversions while providing upside participation for existing shareholders. The capital raise follows a rapid succession of AI agreements that have reshaped IREN’s business model. In November 2025, the company signed a $9.7 billion AI cloud hosting agreement with Microsoft.