← IREN · FinancingEdit
NVIDIA share purchase right
May 7, 2026 · OtherTerms of issuance
Instrument
Warrants / purchase right
Principal
Net proceeds
Issue date
May 7, 2026
Maturity
Seniority
Conversion ratio
Settlement
Conversion terms
Reference stock price
Conversion premium
n/acalculated from conversion price & reference stock price
Conversion price
Underlying shares
30,000,000calculated: principal ÷ conversion price, unless directly stated
Dilution %
8.4%calculated: underlying shares ÷ basic shares outstanding as of issue date
Conversion window opens
Early conversion trigger
Early conversion threshold
n/acalculated: conversion price × trigger %
Economic analysis
Effective annual cost
n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost
Interest savings vs. plain debt
n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate
Implied option value / volatility
n/anot shown — would require an assumed volatility input, which we do not fabricate
Breakeven
n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate
Context
Shares outstanding (as of issue date)
357,378,674
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Strategic alignment mechanism accompanying the 5GW NVIDIA infrastructure partnership; not a capital raise for the company.
Other financing outstanding (excl. this instrument)
Initial public offering ($231.5M), NYDIG equipment financing facility (SPV 3) ($71.0M), B. Riley equity purchase facility ($100.0M), Capped call transactions ($44.4M), Prepaid forward share repurchase ($73.7M), 3.25% Convertible senior notes due 2030 ($440.0M), 3.50% Convertible senior notes due 2029 ($550.0M), Prepaid forward share repurchase ($92.5M), GPU lease financing (4.2k Blackwell B200 GPUs) ($102.0M), GPU lease financing (GB300 GPUs) ($96.0M), Capped call transactions, Convertible senior notes due 2031 ($1.00B), Equity offering ($1.63B), Capped call transactions (2032/2033), 1.00% Convertible senior notes due 2033 ($1.30B), 0.25% Convertible senior notes due 2032 ($1.00B), At-the-market equity facility (expanded to $6B) ($6.00B), 1.00% Convertible senior notes due 2033 ($3.00B), Capped call transactions, 5.96% Senior secured notes due 2031 (IE US Hardware 3 LLC) ($2.10B), Delayed draw term loan facility (IE US Hardware 3 LLC) ($1.50B), GPU financing led by Blue Owl and PIMCO (Mackenzie air-cooled expansion) ($2.40B)
— of which existing debt
$21.69B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
Related acquisition
none
Related deal
none
Related site
none
Sources
OtherIREN reports third quarter FY26 results, signs $3.4bn NVIDIA AI cloud contract
May 7, 2026