← IREN · FinancingEdit
Equity offering
Dec 3, 2025 · ClosedTerms of issuance
Instrument
Equity offering
Principal
$1.63B
Net proceeds
Issue date
Dec 3, 2025
Maturity
Seniority
Conversion ratio
n/a
Settlement
shares
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)
283,465,490
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
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), 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, 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
$20.06B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
n/a
Related acquisition
none
Related deal
none
Related site
none
Sources
ProposedIREN announces proposed offering of ordinary shares to fund convertible notes repurchase
Dec 1, 2025ClosedIREN prices offering of 39.7 million ordinary shares to fund convertible notes repurchase
Dec 3, 2025