IREN raises $3B to accelerate shift to AI infrastructure
6.7 Investments IREN raised $2.96B via convertible notes to fund its shift from Bitcoin mining to AI infrastructure, including a $3.4B Nvidia cloud deal. The notes have a 1% rate and 32.5% conversion premium.
IREN, a company operating in both Bitcoin mining and artificial intelligence (AI) infrastructure, has completed a $3 billion convertible senior notes offering due in 2033. This marks one of the largest financings in the sector. The offering, initially set at $2 billion, was increased to $2.6 billion due to strong investor demand, with a $400 million greenshoe option fully exercised. This resulted in net proceeds of approximately $2.96 billion. The notes carry a 1% interest rate and a 32.5% conversion premium, setting the initial conversion price at about $73.07 per share. Proceeds will be used for capped call transactions to hedge dilution risk and to support general corporate and working capital needs. This capital raise supports IREN’s strategic shift from Bitcoin mining to AI cloud and hyperscale infrastructure. Notably, this includes a recent five-year, $3.4 billion AI cloud agreement with Nvidia and planned purchases of GPUs and equipment from Dell. Leading financial institutions acted as bookrunners for the transaction.
