In short
- IREN Limited closed a $3 billion convertible senior notes offering to finance AI infrastructure expansion.
- Net proceeds were $2.96 billion, of which $201.3 million was allocated to limited call transactions.
- The offering follows major deals with Nvidia and Microsoft for AI cloud services.
Bitcoin mining company IREN Limited said on Thursday that this is the case closed a $3 billion offering of convertible senior notessecuring capital to accelerate the transformation of cryptocurrency mining into AI infrastructure services.
The convertible bonds have an annual coupon of 1% 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 proceeds to fund capped call transactions at a maximum price of $110.30 per share, representing a 100% premium to 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 increase 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 deal with Microsoft. This was followed in early May by an agreement with Nvidia to deploy up to 5 gigawatts of AI data center capacity globally.
The Nvidia deal includes a five-year AI cloud contract worth $3.4 billion for air-cooled Blackwell GPUs, and a five-year warrant for up to 30 million IREN shares at $70 each. Days after announcing the Nvidia partnership, IREN completed a $625 million acquisition of all shares of software services company Mirantis.
IREN stock is down more than 8% so far Friday amid a broader crypto stock swoon, recently trading hands at $53.55. According to data from Yahoo Finance, shares are up more than 9% in the past month and 15% in the past six months.
Important Bitcoin Mining companies have broadly embraced the growing demand for AI computers, with many signing multi-billion dollar deals – and some, like Keel Infrastructure (formerly Bitfarms) to close their mining companies completely in favor of meeting the needs of AI and high-performance computing (HPC).
In late April, analysts at investment bank Bernstein said they expect IREN to exit Bitcoin mining entirely by the year 2030, gradually phasing out its focus on mining over the coming years as it repurposes its hardware for AI and HPC purposes.
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