← IREN · FinancingEdit
5.96% Senior secured notes due 2031 (IE US Hardware 3 LLC)
May 29, 2026 · ClosedTerms of issuance
Instrument
Secured notes
Principal
$2.10B
Net proceeds
Coupon
5.96%
Issue date
May 29, 2026
Maturity
2031
Seniority
Conversion ratio
n/a
Settlement
n/a
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
Partially fund GPU infrastructure and other costs for the Microsoft Childress contract.
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), NVIDIA share purchase right, 1.00% Convertible senior notes due 2033 ($3.00B), Capped call transactions, GPU financing led by Blue Owl and PIMCO (Mackenzie air-cooled expansion) ($2.40B)
— of which existing debt
$18.09B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
n/a
Related acquisition
none
Related deal
Related site
Sources
ClosedIREN reports second quarter FY26 results
Feb 5, 2026ClosedIREN secures $3.6 billion GPU financing for the Microsoft contract
May 29, 2026