Microsoft and Nvidia partnerships propel IREN to raise $3B via convertible notes for AI cloud expansion
IREN closed a $3 billion convertible notes offering to fund AI cloud infrastructure expansion after securing partnerships with Microsoft and Nvidia [1].
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].
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- 1Source available upon request
- 2Source available upon request
- 3Source available upon request
- 4Source available upon request