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<p><a href="https://x.com/IREN_Ltd" rel="noopener noreferrer nofollow">@IREN_Ltd</a> has closed a $3 billion convertible senior notes offering, <cite>one of the largest capital raises yet by a publicly traded Bitcoin miner pursuing an aggressive buildout of AI infrastructure.</cite><cite>The notes carry a 1% coupon, mature in 2033, and generated net proceeds of $2.96 billion after fees and expenses.</cite> The message embedded in the deal is hard to miss: IREN is no longer a Bitcoin miner in any meaningful sense.</p>
<h2 id="a-war-chest-aimed-at-ai-not-mining-rigs">A War Chest Aimed at AI, Not Mining Rigs</h2>
<p><cite>IREN closed the private offering of $3.0 billion aggregate principal amount of 1.00% convertible senior notes due 2033 to qualified institutional buyers under Rule 144A, including a fully exercised $400 million greenshoe.</cite><cite>IREN plans to use $201.3 million to fund capped call transactions, with the remainder set aside for working capital.</cite> The capped calls are structured to limit dilution for existing shareholders.</p>
<p>The capital lands on top of two transformative commercial agreements already on the books. <cite>IREN signed a multi-year agreement with Microsoft valued at approximately $9.7 billion to deliver GPU cloud infrastructure powered by Nvidia GB300 GPUs.</cite><cite>The five-year contract includes a 20% prepayment and is expected to contribute roughly $1.94 billion in annualized run-rate revenue once fully commissioned.</cite> The GPUs are being deployed at IREN's 750MW campus in Childress, Texas.</p>
<p>Then, in early May, <cite>IREN signed a five-year AI infrastructure cloud services contract with Nvidia valued at approximately $3.4 billion, granting Nvidia access to managed GPU cloud services using air-cooled Blackwell systems across around 60MW at the Childress campus.</cite><cite>The broader partnership calls for support for up to 5 gigawatts of Nvidia DSX-branded infrastructure, with Nvidia receiving a five-year right to purchase up to 30 million IREN shares at $70 each.</cite></p>
<h2 id="the-exit-from-bitcoin-mining-takes-shape">The Exit From Bitcoin Mining Takes Shape</h2>
<p><cite>The financing further cements IREN's transition from a pure-play Bitcoin miner into an AI cloud and hyperscale infrastructure operator.</cite> Bernstein expects IREN to fully exit native Bitcoin mining by 2030. <cite>Adjusted EBITDA has already been pressured by the decommissioning of mining hardware ahead of GPU installation, reflecting the real-world cost of that transition.</cite></p>
<p><cite>IREN reported $3.1 billion in annualized recurring revenue under contract and is targeting $3.7 billion by the end of 2026, a figure that includes expected Microsoft and Nvidia contract revenue alongside GPU deployments not yet generating revenue.</cite> Co-CEO Daniel Roberts has described the global landscape as <cite>"structurally short compute,"</cite> pointing to data center and GPU capacity as the key bottleneck. With $3 billion now in hand, IREN is positioning itself to be a primary beneficiary of that shortage.</p>
<p><strong>Sources:</strong><br><a href="https://finance.yahoo.com/markets/stocks/articles/iren-closes-3-0-billion-200100338.html" rel="noopener noreferrer nofollow">IREN Closes $3.0 Billion Convertible Notes Offering (Globe Newswire via Yahoo Finance)</a><br><a href="https://iren.com/resources/blog/iren-signs97-billion-agreement-with-microsoft-to-deploy-ai-cloud-infrastructure" rel="noopener noreferrer nofollow">IREN Signs $9.7 Billion Agreement with Microsoft (IREN Official Blog)</a><br><a href="https://www.cnbc.com/2026/05/07/iren-stock-ai-infrastructure-nvidia.html" rel="noopener noreferrer nofollow">IREN Inks AI Infrastructure Deal with Nvidia (CNBC)</a></p>

$3 Billion says IREN is done being a Bitcoin miner

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