Overview
- IREN sold 39,699,102 ordinary shares at $41.12 each to raise approximately $1.6324 billion in a registered direct offering expected to close on December 8, subject to customary conditions.
- The company priced $2.0 billion of new convertible senior notes split between 0.25% due 2032 and 1.00% due 2033, both with an initial conversion price near $51.40, roughly a 25% premium.
- IREN entered capped call transactions costing about $174.8 million that raise the effective dilution threshold to roughly $82.24 per share.
- Proceeds are earmarked to repurchase about $227.7 million of 2030 notes and about $316.6 million of 2029 notes for a total cash outlay near $1.6324 billion, with the repurchased notes to be extinguished if the deals close.
- Shares fell roughly 15% on the financing news before a modest rebound, as investors weighed dilution, execution risk and funding needs tied to IREN’s AI GPU cloud strategy anchored by a five‑year, roughly $9.7 billion Microsoft agreement.