---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-25-037753"
form_type: "8-K"
ticker: "IREN"
cik: "0001878848"
company_name: "IREN Ltd"
filed_at: "2025-10-09T23:59:59+00:00"
generated_at: "2026-05-17T04:14:21.760145+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# IREN prices $875M zero-coupon convertible notes due 2031 with 42.5% conversion premium

## Summary
- $875M principal, 0.00% coupon, due July 1, 2031; initial conversion price ~$85.63/share ($60.09 reference).
- Net proceeds ~$856.5M ($979M if full $125M option exercised); $49.6M for capped call transactions.
- Capped calls provide hedge up to $120.18/share (100% premium) to reduce dilution on conversion.
- Initial purchasers have option to buy additional $125M notes; settlement expected Oct 14, 2025.
- Remaining net proceeds for general corporate purposes and working capital.

## SEC filing metadata
- accession: 0001140361-25-037753
- form_type: 8-K
- ticker: IREN
- cik: 0001878848
- company_name: IREN Ltd
- filed_at: 2025-10-09T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1878848/000114036125037753/0001140361-25-037753-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1878848/000114036125037753/ef20056800_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-25-037753
- JSON: https://secwatch.observer/filing/0001140361-25-037753.json
- Plain text: https://secwatch.observer/filing/0001140361-25-037753.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.