IREN Prices Upsized $2.6 Billion Convertible Notes Offering
Summary
IREN priced an upsized private offering of $2.6 billion aggregate principal amount of 1.00% convertible senior notes due 2033, with an option for purchasers to buy up to an additional $400 million. The notes carry a 32.5% initial conversion premium (initial conversion price approx. $73.07) and are accompanied by capped call transactions intended to hedge dilution up to an initial cap price of $110.30 per share. IREN expects net proceeds of about $2.57 billion (or about $2.96 billion if the option is exercised) and plans to use roughly $174.5 million to fund the capped calls and the remainder for general corporate purposes and working capital. Settlement was scheduled for May 14, 2026, and the release notes potential market hedging activity by option counterparties that could affect IREN's share price and conversion dynamics.