Microsoft and Nvidia partnerships propel IREN to raise $3B via convertible notes for AI cloud expansion

IREN, a Bitcoin miner that has shifted into AI cloud infrastructure, closed a $3.0 billion convertible notes offering as it pursues growth after deals with Microsoft and Nvidia reshaped its business outlook ^{[1] [2]}.

The deal included a fully exercised $400 million greenshoe that brought the total to $3.0 billion, with reported net proceeds of approximately $2.96 billion; those proceeds will be used to fund capped call transactions as well as general corporate and working capital needs ^[3].

Block details show a capped‑call cap price of $110.30 per share, about a 100% premium to IREN’s May 11 share price, and outlets report strong investor demand that prompted multiple upsizes of the offering ^{[3] [2]}.

Company commentary and coverage describe the financing as intended to accelerate IREN’s AI infrastructure buildout, with the convertible debt explicitly positioned to fund that expansion ^{[4] [2]}.

The $3 billion convertible offering—one of the larger financings in the sector—provides capital to scale IREN’s AI cloud operations following strategic engagements with Microsoft and Nvidia ^{[2] [1]}.