IREN Completes $3 Billion Convertible Notes Deal to Boost AI Infrastructure Growth

Bitcoin miner turned AI infrastructure company IREN has completed a $3 billion convertible senior notes offering, marking one of the largest financing deals among crypto mining firms shifting toward artificial intelligence infrastructure.

The company first announced plans on May 11 to raise $2 billion through convertible senior notes due in 2033. However, strong investor demand quickly pushed the offering higher. By May 12, IREN increased the raise to $2.6 billion and added a $400 million greenshoe option. The extra allocation was fully exercised by May 14, bringing total proceeds to nearly $2.96 billion.

The notes carry a 1% interest rate and were priced with a 32.5% conversion premium. This puts the initial conversion price at about $73.07 per share, compared with IREN’s closing stock price of $55.15 on May 11.

IREN Strengthens AI Infrastructure Strategy

The funding supports IREN’s growing focus on AI infrastructure as the company moves beyond bitcoin mining. IREN recently signed a five-year, $3.4 billion AI cloud agreement with Nvidia and plans to spend roughly $3.5 billion on GPUs and related equipment from Dell to expand data center capacity.

IREN Stock Moves Lower in Pre-Market Trading

Despite the major financing announcement, IREN shares were down more than 3% in pre-market trading on Friday Blockto market data, reflecting cautious investor sentiment in the broader market.