IREN plans $2B convertible notes offering due 2033 to fund growth and manage dilution risks.

IREN Limited announced a private offering of $2 billion in convertible senior notes due in 2033, with an option for an additional $300 million. The notes will be senior unsecured debt, convertible into cash or shares under certain conditions, and redeemable from 2030 if share prices exceed a threshold. Proceeds will fund capped call transactions to reduce share dilution and support general corporate purposes. The offering aims to strengthen IREN's financial flexibility as it expands its AI cloud infrastructure.