IREN Ltd Stock Price, News & Analysis

IREN (NASDAQ: IREN) priced a registered direct offering of 39,699,102 ordinary shares at $41.12 per share, expected to close on December 8, 2025. Proceeds from the offering approximate $1,632.4 million and are intended to fund a negotiated repurchase of existing convertible notes and related capped calls, with repurchases announced of approximately $227.7 million principal of 2030 notes and $316.6 million principal of 2029 notes for an aggregate repurchase price of approximately $1,632.4 million. IREN also priced private offerings of $1 billion 0.25% notes due 2032 and $1 billion 1.00% notes due 2033 (plus optional upsizes). Offerings and repurchases are subject to customary closing conditions and may close concurrently on December 8, 2025.

IREN (NASDAQ: IREN) priced a private offering of $1.0 billion 0.25% convertible senior notes due 2032 and $1.0 billion 1.00% convertible senior notes due 2033, with settlement expected on December 8, 2025. Each series has an initial conversion rate of 19.4553 shares per $1,000 (≈$51.40 per share, ~25% premium to the $41.12 close on December 2, 2025). IREN also priced a registered direct placement of 39,699,102 shares at $41.12 to fund repurchases of existing convertible notes; aggregate proceeds estimated at ≈$1,973.8 million.

Capped calls with initial cap price $82.24 (100% premium) were entered to reduce conversion dilution; repurchase transactions of existing notes total ≈$544.3 million principal for ≈$1,632.4 million cash consideration, subject to closing conditions.

IREN (NASDAQ: IREN) announced a proposed private offering of convertible senior notes: $1.0B 2032 notes and $1.0B 2033 notes, with initial purchaser options to buy up to an additional $150M for each series. The notes are senior, unsecured, accrue semiannual interest and are convertible for cash, ordinary shares or both; redemption and fundamental-change repurchase features apply.

IREN also intends a Concurrent Equity Offering to fund negotiated repurchases of existing 2029 and 2030 convertible notes, and expects to enter into capped call hedges to reduce dilution; proceeds will fund capped calls, repurchases and general corporate purposes.

IREN (NASDAQ: IREN) announced a proposed registered direct offering of ordinary shares to finance a cash repurchase of portions of its 2029 and 2030 convertible senior notes and to fund related capped call transactions. Concurrently, IREN intends a private offering of $1.0B 2032 notes and $1.0B 2033 notes, each with up to $150M additional takedown options. Proceeds are expected to approximate the cash consideration for the Repurchase and to be used for capped calls, repurchases of existing convertible notes, and general corporate purposes. Offerings and Repurchase are subject to market and closing conditions and may not be completed.

IREN (NASDAQ: IREN) reported Q1 FY26 results on November 6, 2025, announcing a $9.7bn multi‑year contract with Microsoft and targeting $3.4bn AI Cloud ARR by end of 2026 with expansion to 140k GPUs.

Q1 revenue reached a record $240.3m (+355% vs Q1 FY25), net income was $384.6m, adjusted EBITDA was $91.7m, and EBITDA was $662.7m (includes unrealized gains). Cash was $1.8bn as of Oct 31, 2025; financing included $1.0bn zero‑coupon convertible notes and incremental GPU financing bringing GPU financing to $400m.

Operational milestones include Childress acceleration, British Columbia GPU transition by end 2026, and Sweetwater substation energizations targeted April 2026 and late 2027.

IREN (NASDAQ: IREN) signed a multi-year GPU cloud services contract with Microsoft on a five-year term valued at approximately $9.7 billion, including a 20% prepayment. IREN also agreed to buy NVIDIA GB300 GPUs and ancillary equipment from Dell Technologies for about $5.8 billion.

The GPUs will be deployed in phases through 2026 at IREN’s 750MW Childress, Texas campus alongside new liquid-cooled data centers that will support 200MW of critical IT load (Horizon 1–4). IREN plans to fund related capital expenditures with existing cash, customer prepayments, operating cash flow and additional financing initiatives.

IREN (NASDAQ: IREN) will release Q1 FY26 financial results for the three months ended September 30, 2025 on Thursday, November 6, 2025. The company will host a conference call and live webcast beginning at 5:00 p.m. Eastern Time the same day.

The live webcast will be recorded and a replay will be available shortly after the event at https://iren.com/investor/events-and-presentations. Phone participants must register to receive a dial-in number, passcode and PIN, and are asked to dial in about five minutes early. There will be a Q&A session after IREN delivers its results; webcast participants can pre-submit or submit questions live.

IREN (NASDAQ: IREN) closed a private offering of $1.0 billion aggregate principal amount of 0.00% convertible senior notes due 2031 on October 14, 2025, oversubscribed after an $875 million initial size plus a fully exercised $125 million greenshoe.

Net proceeds are approximately $979.0 million. Key terms: 42.5% conversion premium, capped call hedge with initial cap price $120.18 (100% premium vs. $60.09 share price on Oct 8, 2025), and $56.7 million allocated to capped call costs. Notes were sold under Rule 144A to qualified institutional buyers.

IREN (NASDAQ: IREN) priced an $875 million offering of 0.00% convertible senior notes due July 1, 2031, with an initial conversion price of approximately $85.63 per share (42.5% premium to the Oct 8, 2025 $60.09 close).

Net proceeds are estimated at ~$856.5 million (or ~$979.0 million if the $125 million option is exercised). IREN expects to use ~$49.6 million of proceeds to fund capped call transactions tied to an initial cap price of $120.18 per share (100% premium). Notes are non‑interest bearing, senior unsecured, convertible beginning April 1, 2031, and callable/repurchasable under specified conditions.