IREN launches $875M convertible notes offering due 2031; provides ATM and cash update

IREN Ltd

Proposes $875M principal of convertible senior notes due 2031; initial purchasers may buy up to $125M additional.
Net proceeds partly fund capped call transactions; remainder for general corporate purposes and working capital.
ATM program: 66.7M shares issued for ~$1.0B aggregate proceeds as of Oct 7.
Cash balance ~$1.0B as of Sep 30, 2025.
Notes senior unsecured, interest semi-annual, mature July 1, 2031; conversion in cash/shares at IREN's election.

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