IREN closes $4.1 billion convertible note raise
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The news: Sydney-headquartered Nasdaq-listed neocloud IREN has closed a convertible notes raise that will generate net proceeds of about USD2.96 billion ($4.1 billion) as the company accelerates its expansion beyond North America.
The numbers: On 14 May, IREN told the Nasdaq it had completed its USD2.6 billion offering as well as the extension option for an extra USD400 million.
The notes pay 1% interest and have a 32.5% premium if converted into equity. They have a conversion cap of USD110.30 per share, representing a 100% premium on the last reported price on 11 May 2026.
Of the proceeds, USD201.3 million will be used to fund the cost of the capped call transactions with the remainder used for “general corporate purposes and working capital”.
The context: J.P. Morgan Securities, Goldman Sachs & Co, Citigroup Global Markets, Jefferies, MUFG Securities Americas, Wells Fargo Securities and Cantor Fitzgerald & Co. acted as bookrunners.
BBVA Securities, Credit Agricole Securities (USA), BTIG, Canaccord Genuity, Macquarie Capital (USA) and Moelis & Company acted as co-managers.
IREN has four operational data centres in North America with a further two under development. It is also looking to develop projects in Australia in 2028 and has a series of projects in Spain following the acquisition of Nostrum Group.
The source: IREN media release
