IREN Limited Prices $2.6 Billion Convertible Notes Offering
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 12 2026
0mins
Source: Newsfilter
- Increased Offering Size: IREN Limited has raised its convertible senior notes offering from $2 billion to $2.6 billion, reflecting strong market confidence in its financing needs and expected to provide substantial funding for future growth initiatives.
- Interest Rate and Conversion Terms: The notes carry a 1.00% annual interest rate with a 32.5% conversion premium, setting the initial conversion price at approximately $73.07, which is significantly above the last reported share price of $55.15 on May 11, indicating investor optimism about IREN's future stock performance.
- Clear Use of Proceeds: IREN intends to allocate about $174.5 million of the net proceeds to fund capped call transactions, with the remainder earmarked for general corporate purposes and working capital, ensuring operational flexibility and liquidity for the company moving forward.
- Risk Management Strategies: By entering into capped call transactions, IREN aims to mitigate potential dilution risks associated with the conversion of notes and provide flexible options for cash or stock delivery upon conversion, thereby enhancing investor confidence and market stability.
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Analyst Views on IREN
Wall Street analysts forecast IREN stock price to rise
12 Analyst Rating
8 Buy
2 Hold
2 Sell
Moderate Buy
Current: 64.050
Low
39.00
Averages
80.40
High
136.00
Current: 64.050
Low
39.00
Averages
80.40
High
136.00
About IREN
IREN Limited is an Australia-based company, which owns and operates data centers powered by 100% renewable energy. Its facilities are optimized for Bitcoin mining, artificial intelligence (AI) cloud services, and other power-dense compute. Its data center mining facilities are in Canal Flats, Mackenzie, Prince George and Childress. Bitcoin Mining provides security to the Bitcoin network. Al Cloud Services provides cloud compute to Al customers, approximately 1,896 NVIDIA H100 and H200 GPUs. Its Canal Flats facility is in the Canadian Rockies, 100 kilometers (km) from Cranbrook regional airport and 500km east of Vancouver. Its facility is in Prince George, the city in northern British Columbia, located 500 km north of Vancouver. Its facility is located in Childress County, Texas, over 250 miles northwest of Dallas and in close proximity to multiple wind and solar generating facilities in the region. Its Childress operations comprise 200 Mega Watt of operating data centers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Clear Deployment Plan: IREN plans to deploy these systems at its Childress, Texas data center, with an expected online date in early 2027, demonstrating the company's commitment to accelerating its computing resource expansion.
- Market Demand Driven: IREN's Co-CEO Daniel Roberts stated that the partnership with Dell ensures access to hardware at the speed required by the rapidly growing market, thereby enhancing the company's competitive position.
- Strategic Investment Focus: The company will continue to invest aggressively in computing resources to shorten its expansion timeline, with Roberts emphasizing that securing capacity and accelerating commissioning are top priorities in the current market environment.
See More
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- Rapid Deployment Advantage: IREN plans to bring these systems online by early 2027, leveraging its partnership with Dell to ensure quick access to hardware, thereby gaining a competitive edge in the market.
- Expansive Market Outlook: IREN's rapid deployment capabilities provide a significant advantage in AI data center development, as competitors are unlikely to complete similar projects until the 2030s, further solidifying IREN's market position.
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- Overall Market Performance: Amid the drop in oil prices, major indexes have generally risen, indicating increased investor confidence in economic recovery, which may promote further capital inflows into the stock market.
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- Surge in High-Performance Computing Revenue: Since 2020, the revenue share from high-performance computing chips has skyrocketed from 30% to 43%, with projections of reaching 61% by 2026, indicating TSMC's strong adaptability to technological advancements and market demand.
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- High-Performance Computing Contribution: The revenue share from high-performance computing chips surged from 30% in 2020 to 43% in 2023, indicating that the rapid advancement of AI technology is driving TSMC's business model transformation and further solidifying its dominant position in the global semiconductor market.
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