IREN Raises $3 Billion for AI Data-Center Expansion

IREN Limited closed a $3 billion convertible senior notes offering on Thursday, generating $2.96 billion in net proceeds and designating $201.3 million to buy capped calls.

The privately placed notes carry a 1% annual coupon, mature in 2033 and were sold to qualified institutional buyers under Rule 144A. The notes include a conversion premium of 32.5% above IREN’s share price at pricing. The capped calls have a cap price of $110.30 per share, roughly 100% above the $55.15 price recorded on May 11.

Proceeds will be used to expand AI data-center capacity as IREN shifts from cryptocurrency mining toward large-scale AI infrastructure and cloud services. The company has recently signed several agreements that reshape its operations.

In November 2025 IREN signed a $9.7 billion AI cloud hosting contract with Microsoft. In early May it announced a partnership with Nvidia to deploy up to 5 gigawatts of AI data-center capacity globally, beginning with the 2-gigawatt Sweetwater campus in Texas using Nvidia’s DSX architecture. The Nvidia arrangement includes a $3.4 billion, five-year AI cloud contract focused on air-cooled Blackwell GPUs and a five-year warrant allowing Nvidia to buy up to 30 million IREN shares at $70 each.

Days after the Nvidia announcement IREN completed a $625 million all-stock acquisition of Mirantis, a software services provider, to add software and services capabilities.

The capped-call package is structured to limit potential share dilution if noteholders convert their debt to equity while allowing existing shareholders to participate in future share-price gains. The convertible notes provide immediate capital for deploying racks, cooling systems and power infrastructure across IREN’s campuses while deferring equity issuance until conversions occur.

IREN’s stock fell more than 8% on the trading day after the offering, trading in the mid-$50s. Shares are up about 9% over the last month and roughly 15% higher than six months ago. Analysts at Bernstein project IREN could phase out Bitcoin mining by 2030 as it repurposes power and infrastructure for AI and high-performance computing workloads.