IREN closes $3B convertible notes offering as AI infrastructure pivot accelerates!

IREN closed a $3 billion convertible notes offering on Wednesday — a 1.00% coupon due 2033, netting $2.96 billion after fees — with the full $400 million greenshoe exercised, signalling strong institutional demand for the Bitcoin miner's transformation story.

The raise lands on top of a stacked deal sheet: a $9.7 billion Microsoft AI cloud contract, a $3.4 billion Nvidia partnership, and a $625 million all-stock acquisition of Mirantis. Taken together, IREN is no longer positioning itself as a Bitcoin miner that dabbles in AI — it is building one of the more aggressively capitalised AI infrastructure stacks in the sector.

The convertible structure keeps near-term dilution contained while giving IREN the balance sheet to accelerate data centre buildout. With the Mirantis acquisition adding cloud-native software depth and the Nvidia deal locking in GPU supply, the capital raise…