---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-25-038083"
form_type: "8-K"
ticker: "IREN"
cik: "0001878848"
company_name: "IREN Ltd"
filed_at: "2025-10-14T23:59:59+00:00"
generated_at: "2026-05-17T03:58:57.771017+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# IREN closes $1.0B 0.00% convertible note offering due 2031; oversubscribed

## Summary
- Offering upsized to $1.0B from $875M with full exercise of $125M greenshoe.
- Net proceeds of ~$979M; $56.7M used for capped call transactions.
- Initial conversion price ~$85.63 per share (42.5% premium) and cap price $120.18 (100% premium).
- Notes are senior unsecured, zero coupon, mature July 1, 2031, with no put except on fundamental change.
- Capped calls reduce dilution up to $120.18; intended to offset potential cash payments upon conversion.

## SEC filing metadata
- accession: 0001140361-25-038083
- form_type: 8-K
- ticker: IREN
- cik: 0001878848
- company_name: IREN Ltd
- filed_at: 2025-10-14T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1878848/000114036125038083/0001140361-25-038083-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1878848/000114036125038083/ef20056955_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-25-038083
- JSON: https://secwatch.observer/filing/0001140361-25-038083.json
- Plain text: https://secwatch.observer/filing/0001140361-25-038083.txt

## Key facts
- Debt Financings
  IREN Ltd incurred convertible notes of $1.0 billion principal amount of its 0.00% Convertible Senior Notes due 2031 at 0.00% maturing July 1, 2031.
  - Instrument: convertible notes
  - Principal: $1.0 billion principal amount of its 0.00% Convertible Senior Notes due 2031
  - Rate: 0.00%
  - Maturity: July 1, 2031
  - Event: incurrence
  source text: On October 14, 2025 (the “Closing Date”), IREN Limited (the “Company”) issued $1.0 billion principal amount of its 0.00% Convertible Senior Notes due 2031 (the “Convertible Notes”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1878848/000114036125038083/0001140361-25-038083-index.htm

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