IREN
IREN-🇦🇺 Australia
- Price
- $21.30
- as of Nov 6, 2026
- Market cap
- $9.0B
- as of Nov 6, 2026
Estimated total debt principal$10.89Bfacilities drawn: $413.0M of $1.50B
Trailing 12-month dilution+49.7%Oct 31, 2025 → Oct 30, 2026
Cash & equivalents$5.78Bas of Nov 5, 2026
Estimated cost of debt2.17%
Basic shares outstanding - Evolution
Funding the build to end-2030
The Valuation tab's cash flows, year by year: capex for the fleet the guidance and the blocks give, at the pace the capex guidance sets for 2027; operating cash from that fleet at the run-rate the ARR guidance anchors, less taxes and the interest on today's debt.
Capex to fund$49.73bn3,011 MW to deliver · 2027 at the guided pace
Equity raised$5.52bn10% dilution a year
Debt to raise$14.12bn683.4m shares at end-2030
Sources and uses
| Year | Capex | Operating cash | Cash used | Equity raised | Debt to raise | Shares out | Closing cash |
|---|---|---|---|---|---|---|---|
| 2026from Oct | $2.28bn | $41m | $2.24bn | $904m · +42.4m | — | 466.8m | $5.53bn |
| 2027 | $15bnguided | $2.4bn | $5.53bn | $994m · +46.7m | $6.08bn | 513.5m | $0m |
| 2028 | $17.62bn | $8.48bn | — | $1.09bn · +51.3m | $8.04bn | 564.8m | $0m |
| 2029 | $10.55bn | $12.88bn | — | $1.2bn · +56.5m | — | 621.3m | $3.53bn |
| 2030 | $4.28bn | $15.46bn | — | $1.32bn · +62.1m | — | 683.4m | $16.04bn |
Cash on hand is the balance sheet's cash plus committed undrawn facilities, capital closed since and customer prepayments. Equity at 10% of the share count a year at the latest close; the DCF charges the cost of the capital still to raise as its own line rather than growing the count. No deal records a customer prepayment yet — filling them in on the Deals tab cuts the raise dollar for dollar.
Debt stack
Secured notes
Total: $2.10B| Instrument | Principal | Rate | Maturity | Stage | Source |
|---|---|---|---|---|---|
5.96% Senior secured notes due 2031 (IE US Hardware 3 LLC)SPV · IE US Hardware 3 LLC | $2.10B | 5.96% | 2031 | Closed | May 29, 2026 |
Convertible notes
Total: $7.29B · net: $7.17B| Instrument | Principal | Rate | Reference price | Conversion price | Capped call | Prepaid forward repurchase | Maturity | Stage | Source |
|---|---|---|---|---|---|---|---|---|---|
$3.00Bnet $2.96B | 1% | $55.15May 11, 2026 | $73.07 | $110.3 | 2033 | Closed | May 14, 2026 | ||
$1.30Bnet $2.27B | 1% | $41.12Dec 2, 2025 | $51.4 | $82.24 | 2033 | Closed | Dec 8, 2025 | ||
$1.00B | 0.25% | $41.12Dec 2, 2025 | $51.4 | $82.24 | 2032 | Closed | Dec 8, 2025 | ||
$1.00Bnet $979.0M | Zero coupon | $60.09Oct 8, 2025 | $85.63 | $120.18 | 2031 | Closed | Oct 14, 2025 | ||
$550.0Mnet $534.9M | 3.5% | $10.49Jun 10, 2025 | $13.64 | $92.5M | 2029 | Closed | Jun 13, 2025 | ||
$440.0Mnet $425.4M | 3.25% | $12.93Dec 3, 2024 | $16.81 | $25.86Cost $44.4M | $73.7M | 2030 | Closed | Dec 6, 2024 |
Term loan / DDTL
Total: $1.50B| Instrument | Principal | Rate | Maturity | Stage | Source |
|---|---|---|---|---|---|
Delayed draw term loan facility (IE US Hardware 3 LLC)SPV · IE US Hardware 3 LLC | $1.50B | 2031 | Closed | May 29, 2026 |
Equity & warrants
| Instrument | Description | Status | Source |
|---|---|---|---|
NVIDIA share purchase rightWarrants / purchase right | IREN granted a right to purchase up to 30,000,000 ordinary shares at $70 per share (~8.4% of basic shares outstanding at the time). The right expires May 7, 2031. | Ongoing | May 7, 2026 |
| IREN authorized the sale of up to $6.00B of ordinary shares over time through an at-the-market program, at prevailing market prices. | Ongoing | Mar 4, 2026 | |
| IREN raised approximately $1.63B. | Closedas of Dec 8, 2025 | Dec 3, 2025 | |
At-the-market equity facilityATM program | IREN authorized the sale of up to $1.00B of ordinary shares over time through an at-the-market program, at prevailing market prices. | Supersededas of Mar 4, 2026 | Jan 21, 2025 |
B. Riley equity purchase facilityATM program | IREN authorized the sale of up to $100.0M of ordinary shares over time through an at-the-market program, at prevailing market prices. | Supersededas of Jan 21, 2025 | Sep 23, 2022 |
Initial public offeringEquity offering | IREN raised approximately $231.5M. | Closedas of Nov 17, 2021 | Nov 17, 2021 |
Other instruments
Other
| Instrument | Cost / amount | Maturity | Stage | Source |
|---|---|---|---|---|
| $2.40B | Other | Aug 27, 2026 | ||
| $96.0M | Aug 28, 2027 | Closed | Aug 28, 2025 | |
| $102.0M | Aug 25, 2028 | Closed | Aug 25, 2025 |