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IREN Raises $3 Billion in Convertible Senior Notes Due 2033
The Bitcoin miner turned AI infrastructure operator raised approximately $2.96 billion after strong investor demand expanded an initial $2 billion proposal. The 1% notes due in 2033 were priced at a 32.5% conversion premium. Proceeds will support GPU and data center investments tied to a major Nvidia partnership.
May 15, 5:58 AM·1m read1 source
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IREN completed a $3 billion convertible senior notes offering on May 15, 2026, after investor demand drove multiple increases in the deal size over three days. The company initially proposed raising $2 billion through convertible senior notes on May 11, 2026. 6 billion on May 12, 2026, alongside a $400 million greenshoe option.
96 billion. The notes carry a 1% coupon and are due in 2033. 5% conversion premium.
15. IREN shares are down over 3% in pre-market trading as of May 15, 2026. The capital raise marks one of the largest of its kind among bitcoin miners pivoting into AI infrastructure.
IREN is a Bitcoin miner that has turned into an AI infrastructure operator. The $3 billion financing supports IREN’s AI expansion strategy, including GPU and data center investments tied to its Nvidia partnership. 4 billion AI cloud agreement with Nvidia.
5 billion of GPUs and related equipment from Dell. CoinDesk reported that the deal further underscores IREN’s transition from bitcoin mining into AI cloud and hyperscale infrastructure. The financing expanded rapidly after IREN announced plans to raise $2 billion through convertible senior notes due 2033 on May 11.
96 billion total.
