IREN closes $3B convertible notes deal — one of the largest AI infrastructure raises in the bitcoin mining sector!

IREN has completed a $3 billion convertible senior notes offering, one of the largest financings ever executed by a bitcoin miner pivoting into AI infrastructure. The deal started life as a $2 billion raise on May 11, was upsized to $2.6 billion the following day on strong investor demand, and closed at roughly $2.96 billion after the $400 million greenshoe was fully exercised by May 14.

The 1% notes due 2033 were priced with a 32.5% conversion premium, implying an initial conversion price of approximately $73.07 per share against IREN's May 11 closing price of $55.15. The dilution math is manageable at current levels, but the conversion price sets a clear ceiling the market will watch.

The capital supports IREN's deepening commitment to AI cloud and hyperscale infrastructure. The company recently signed a five-year, $3.4 billion AI cloud agreement with Nvidia and has earmarked…