Summary
- IREN completed a $3 billion convertible note offering due in 2033 with a 1.00%% coupon, securing about $2.96 billion in net proceeds.
- The company plans to use the proceeds for working capital and expanding its AI infrastructure business.
- IREN is strengthening its AI cloud business through a $9.7 billion AI cloud hosting agreement with Microsoft, cooperation with Nvidia to build AI data centers with up to 5GW of capacity, and the $625 million acquisition of Mirantis.
Forecast Trend Report by Period
Bitcoin miner IREN has completed a $3 billion convertible note offering, stepping up its expansion into artificial intelligence infrastructure.
The Block reported on May 15 that IREN raised about $2.96 billion in net proceeds from the sale of 1.00% convertible notes due 2033. The offering was initially set at $2.6 billion, but grew to $3 billion after the full exercise of a $400 million overallotment option.
The company plans to use the proceeds for working capital and to expand its AI infrastructure business.
IREN has been widening its business beyond Bitcoin mining into AI cloud infrastructure. In November last year, it signed a $9.7 billion AI cloud hosting agreement with Microsoft. Earlier this month, it also announced a cooperation agreement with Nvidia to build AI data centers with capacity of up to 5 gigawatts.
The company also agreed to acquire software firm Mirantis in a $625 million stock-for-stock deal to strengthen its AI cloud business capabilities.
Uk Jin
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